Employer Response to Employee Financial Distress: Research and Case Studies
Abstract
A majority of employees in the US now have concerns about financial issues and a growing number have serious money problems. Financial distress contributes to employee performance problems, absence, health issues, disability leave complications and turnover. These distressed workers are also reaching out to their employers for direction and support. This presentation uses a review of the research literature and two employer case studies to bring to light this contemporary problem, delineate the risks it poses to employees and employers, and review what leading companies are doing to respond to their workers.Table of Contents
Part 1 - Review of the research on financial stresses of employees and supportive workplace-based programs – Dr. Attridge. Part 2 - Employer case example from Health Alliance of Greater Cincinnati – Financial support programs for employees from crisis to prevention (i.e., company loans to employees in trouble, EAP support while on STD leave, and ongoing financial skills education program – “SmartMoney”) – Dianne Carroll Part 3 - Case Example from USAA Insurance Company – Design and outcomes from a company-wide financial education program featuring an individual assessment tool, access to support services and links to the EAP and wellness programs – Jim MoonDescription
Presentation at the 2010 Behavioral Risk Conference.Citation
Attridge, M., Carroll, D., & Moon, J. (2010, April 22). Employer response to employee financial distress: Research and case studies. Presented at the Disability Management Employer Coalition’s Behavioral Risk Annual Conference, Minneapolis, MN.Sponsors
Attridge Consulting, Inc. Health Alliance of Greater Cincinnati. USAA Insurance.Keyword
EAPliterature review
Employee assistance programs
Disabilities
Employee fringe benefits
Financial Stress
Case Reports