News »Browse Articles »
Helping employees overcome financial fears
0
Helping employees overcome financial fears
The fastest-growing use of employee assistance programs (EAPs) has been tied to employees’ financial worries.
Over the last five years, there’s been a reported 69% jump in employee EAP use related to personal financial concerns. The trend is not all that surprising.
Statistics show that, for the first time since the Great Depression, the average American has negative savings — in other words, the person’s monthly bills exceed his or her income. This includes rent, transportation, credit cards and other expenses.
With salaries frozen in many organizations and many employees racking up higher and higher credit card debt, the problem may continue to get worse.
Troubling trends
Here are some ominous numbers from a recent employee survey:
27% of respondents said they were “one major setback away from financial disaster”
22% say they were “worse off than last year, with less take-home income and more debt”
40% say their employer is “insensitive to their employees’ financial needs,” and
only 6% said they felt comfortable with their current financial situation and ability to manage their debts.
The majority of personal-finance related EAP use arises from concerns over debt management, household refinancing and/or failed investments.
Source:
http://www.hrmorning.com/helping-employees-overcome-financial-fears/
Over the last five years, there’s been a reported 69% jump in employee EAP use related to personal financial concerns. The trend is not all that surprising.
Statistics show that, for the first time since the Great Depression, the average American has negative savings — in other words, the person’s monthly bills exceed his or her income. This includes rent, transportation, credit cards and other expenses.
With salaries frozen in many organizations and many employees racking up higher and higher credit card debt, the problem may continue to get worse.
Troubling trends
Here are some ominous numbers from a recent employee survey:
27% of respondents said they were “one major setback away from financial disaster”
22% say they were “worse off than last year, with less take-home income and more debt”
40% say their employer is “insensitive to their employees’ financial needs,” and
only 6% said they felt comfortable with their current financial situation and ability to manage their debts.
The majority of personal-finance related EAP use arises from concerns over debt management, household refinancing and/or failed investments.
Source:
http://www.hrmorning.com/helping-employees-overcome-financial-fears/
Search News
News Categories
What's the News?
Post a link to something interesting from another site, or submit your own original writing for the Recruitment community to read.
Most Popular News
-
How to Headhunt the Headhunters??
Published about 04-10-2008 | Rated +2 -
3 Steps to find your perfect candidate
Published about 05-10-2008 | Rated +6 -
Recruitment Strategies
Published about 05-10-2008 | Rated +4 -
5 Interviewing Mistakes That Can Lead To Hiring The Wrong Person
Published about 05-10-2008 | Rated +3
Most Recent User Submitted News
- Lay-offs fine, downturn should not be the excuse
Published about 29-11-2009 | Rated 0 - How to Write a Job Description that Will Get Qualified Candidates
Published about 16-09-2009 | Rated 0 - IT Recruitment JOB in WIPRO
Submitted by Bharath | Rated 0 - The Benefits of Online Recruitment to Both Employers and Job Seekers
Published about 26-01-2009 | Rated 0