Employee financial health has always been essential to the stability of the American workforce, employers and the economy, yet, even before the COVID-19 pandemic, many felt financially unstable. Now, facing pay cuts, furloughs and layoffs, more than 70% say their personal financial situation has been negatively impacted by COVID-19.1 As businesses bring workers back, it is imperative that employers enable financial health, because there’s a correlation between these feelings and job performance. And the stakes are high — it’s estimated businesses lose up to $500 billion each year2 from employees’ financial stress.
This is why Netspend surveyed both employers and employees to understand the impacts of employee financial health on businesses.
There are ways for employers to support financial health and improve retention, engagement and performance. Download “The Impacts of Employee Financial Health” whitepaper to learn more.
1 The Financial Brand, “A Closer Look at How Covid-19 Is Smashing Americans’ Finances” https://thefinancialbrand.com/94831/coronavirus-covid-19-loan-credit-layoff-furlough-relief/?edigest
2 HR Technologist, August 2019, “Businesses Losing $500 Billion Due to Employees’ Financial Stress” https://www.hrtechnologist.com/articles/compensation-benefits/businesses-losing-500-billion-due-to-employees-financial-stress-2/
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