Many companies refrain from recognizing the massive impact that an effective human resources team can have on their company’s productivity. When employees are dealing with situations such as personal financial woes, they tend to bring it to work which can result in a decrease in productivity. With a competent HR team in place, the risk of this happening is much lower due to them being able to help work with the employee in order to find a reasonable resolution.
- According to a recently released paper by the Institute for Employment Studies, the Human Resources department can be instrumental in helping employees achieve financial wellbeing.
- The paper makes an argument for the role of HR teams to engage with employees and help them to make smart financial decisions.
- HR can proactively help employees in all stages of life by educating them about pension plans, 401(K)s, and flexible benefit plans.
“Catherine Rickard, senior research fellow at the Institute for Employment Studies and lead researcher of the study said: ‘Employees at all life stages and in all income brackets, require financial skills and education, especially in the context of removed defined-benefit pension plans and the growth of flexible benefits.”