{"id":717,"date":"2012-04-20T17:10:33","date_gmt":"2012-04-20T17:10:33","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=717"},"modified":"2012-05-26T11:50:31","modified_gmt":"2012-05-26T11:50:31","slug":"can-your-financial-worries-get-you-fired","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=717","title":{"rendered":"CAN YOUR FINANCIAL WORRIES GET YOU FIRED?"},"content":{"rendered":"<p><a href=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2012\/02\/secondverse-logo.jpg?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"4\" data-permalink=\"https:\/\/kerryhannon.com\/?attachment_id=4\" data-orig-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2012\/02\/secondverse-logo.jpg?fit=366%2C102&amp;ssl=1\" data-orig-size=\"366,102\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"secondverse-logo\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2012\/02\/secondverse-logo.jpg?fit=300%2C83&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2012\/02\/secondverse-logo.jpg?fit=366%2C102&amp;ssl=1\" class=\"alignleft size-full wp-image-4\" title=\"secondverse-logo\" src=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2012\/02\/secondverse-logo.jpg?resize=366%2C102&#038;ssl=1\" alt=\"\" width=\"366\" height=\"102\" srcset=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2012\/02\/secondverse-logo.jpg?w=366&amp;ssl=1 366w, https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2012\/02\/secondverse-logo.jpg?resize=300%2C83&amp;ssl=1 300w\" sizes=\"auto, (max-width: 366px) 100vw, 366px\" \/><\/a><a href=\"http:\/\/www.forbes.com\/sites\/kerryhannon\/2012\/02\/03\/can-your-financial-worries-get-you-fired\/\">Read Published Article<\/a><\/p>\n<p>Having trouble focusing on your job? Productivity lagging? Calling in sick?<\/p>\n<p>Blame it on your bills.<\/p>\n<p>Human-resources managers say employees are so freaked out about their finances that it\u2019s hurting their job performance, according to\u00a0<a href=\"http:\/\/www.shrm.org\/Research\/SurveyFindings\/Articles\/Pages\/FinancialEducationInitiatives.aspx\">a survey<\/a>\u00a0released last week by the Society for Human Resource\u00a0<a href=\"http:\/\/www.forbes.com\/management\/\">Management<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<aside data-position=\"4\">\n<div><!--more-->I \u00a0get it. If you\u2019ve ever had the night sweats about paying your bills, you do too. But who\u2019d have thought big brother was watching?<\/div>\n<\/aside>\n<p>&nbsp;<\/p>\n<p><strong>Your boss is on to you.\u00a0<\/strong>The vast majority of the HR professionals recently canvassed say their employees are grappling with more personal financial challenges than they were five years ago. And a whopping 83 percent say those challenges have an obvious impact on overall employee performance.<\/p>\n<p>The top performance problems:<\/p>\n<ul>\n<li>Ability to focus on work (47%)<\/li>\n<li>Overall employee stress (46%)<\/li>\n<li>Overall employee productivity (26%).<\/li>\n<li>Absent or late to work (24%)<\/li>\n<li><a href=\"http:\/\/www.forbes.com\/health\/\">Health<\/a>\u00a0problems (12%)<\/li>\n<\/ul>\n<p><strong>Employees\u2019 most common money worries?<\/strong>Almost one-half of HR professionals say an \u201coverall lack of monetary funds to cover their personal expenses\u201d was the biggest challenge employees face, followed by medical expenses, saving for retirement, credit card debt, and home mortgage payments.<\/p>\n<p>Not surprisingly, organizations whose employees were primarily baby boomers said their workers were mostly worried they weren\u2019t saving enough for retirement, while companies with younger workers said the culprit was high credit card debt.<\/p>\n<p>The financial pressure is draining retirement accounts, too. The majority of HR professionals, 72 percent, say their employees were more likely to dip into employer-sponsored retirement savings plans in the past 12 months compared with previous years.<\/p>\n<p>That finding is in line with what the 2011\u00a0<a href=\"http:\/\/www.ebri.org\/surveys\/rcs\/2011\/\">Retirement Confidence Survey<\/a>, conducted by the nonpartisan Employee Benefit Research Institute, turned up: A third of all Americans (34 percent of workers, 33 percent or retirees) say they had to tap an IRA, 401(k), savings or investment accounts, or had to take a loan against those accounts, in order to pay for basic expenses.<\/p>\n<p>This, of course, begs the question. Are employers doing anything to help employees get it together? Well, not as much as they once did it seems.<\/p>\n<p><strong>Fewer firms offer financial help.<\/strong>\u00a0The number of companies who provide any kind of financial education to their employees has actually dropped in the last two years from 64 percent in 2009 to 52 percent now, according to those surveyed. As I expected, big firms with 2,500 to 24,999 are more apt to provide financial education of some type than small businesses with fewer than 100 workers. And only 17 percent of those who don\u2019t have any education for employees now plan to in the next 12 months.<\/p>\n<p>What\u2019s stopping them? Roughly one quarter of HR professionals say that the cost of providing financial education and lack of interest among its employees are the biggest obstacles holding them back.<\/p>\n<p>What? Free financial advice and guidance is a lifeline that I\u2019m amazed anyone who knew it was available would snub. But I suppose it\u2019s possible.<\/p>\n<p>For the companies that offer employees a hand, there are an array methods. Most provide an employee assistance program that includes some financial planning counseling. Others have education on budgeting, ways to pay for education, debt reduction, credit card use, homeownership, and taxes, according to the survey. That\u2019s a good thing.<\/p>\n<p>Many firms, however, limit the education to helping you figure out how to use your employer-provided benefits, such as 401 (k) plans, health insurance and flexible spending account info. Not as good, but take what you can get.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<aside data-position=\"4\">\n<div>Even if your company does provide help, you might be in the dark. Employers typically trot out financial education through \u201cvoluntary seminars during work hours using outside speakers,\u201d according to the survey. And who the heck is going to cut into their on-the-job productivity by stopping in on a voluntary seminar during the workday?<\/div>\n<\/aside>\n<p>&nbsp;<\/p>\n<p>It\u2019s possible you were told about your company\u2019s financial education initiative during your new-hire employee orientation. Your firm\u2019s intranet, too, may also have material. But seriously, who taps into their employer\u2019s web site to learn about saving when they have time to float around online? Did someone say,<a href=\"http:\/\/pinterest.com\/kerryhannon\/kerry-hannon-what-s-next-love-your-job\/\">Pinterest<\/a>?<\/p>\n<p><strong>The upshot of the survey:<\/strong>\u00a0The employer-employee financial stress breakdown is worrisome for both parties.<\/p>\n<p>For me, it\u2019s clear. You can\u2019t skip financial literacy. And while it would be dandy if your employer would offer a helping hand, until a law is passed that requires them to do so, the final responsibility is yours alone.<\/p>\n<p>It works like dominos. The less you know, the less you save, the lower your chances of living within your means and socking enough away for a retirement.\u00a0If you\u2019re feeling anxious about your finances, do something about it. Don\u2019t moon around the office and call in sick.<\/p>\n<p>\u2014\u2013Take an evening class in personal finance at a community college.<\/p>\n<p>\u2014\u2013 Tap into free planning and investor education centers on no-load mutual fund web sites like<a href=\"http:\/\/www%2Cvanguard.com\/\">Vanguard.com<\/a>.\u00a0<a href=\"http:\/\/www.fidelity.com\/\">Fidelity.com<\/a>\u00a0and\u00a0<a href=\"http:\/\/www.troweprice.com\/\">Troweprice.com<\/a>.<\/p>\n<p>\u2014\u2013Go to the web site of the US Treasury:<a href=\"http:\/\/www.mymoney.gov\/\">www.mymoney.gov<\/a>,\u00a0an independent educational resource.<\/p>\n<p>\u2014\u2013Find a fee-only financial planner. See here for tips on\u00a0<a href=\"http:\/\/www.forbes.com\/sites\/kerryhannon\/2011\/03\/16\/how-to-find-a-financial-planner-in-six-steps-to-ease-your-retirement-fears-and-more\/\">how to find a planner.<\/a><\/p>\n<p>\u2014\u2013 If your employer doesn\u2019t offer financial planning and retirement seminars, ask your HR department if they will do so if enough employees are interested.<\/p>\n<p>Don\u2019t risk losing a good job or a promotion because you\u2019re so stressed out about finances.\u00a0Put on your poker face. HR is watching.<\/p>\n<div style=\"padding-bottom:20px; padding-top:10px;\" class=\"hupso-share-buttons\"><!-- Hupso Share Buttons - http:\/\/www.hupso.com\/share\/ --><a class=\"hupso_toolbar\" href=\"http:\/\/www.hupso.com\/share\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/static.hupso.com\/share\/buttons\/share-small.png?w=640&#038;ssl=1\" style=\"border:0px; padding-top:5px; float:left;\" alt=\"Share Button\"\/><\/a><script type=\"text\/javascript\">var hupso_services_t=new Array(\"Twitter\",\"Facebook\",\"Google Plus\",\"Pinterest\",\"Linkedin\",\"StumbleUpon\",\"Digg\",\"Reddit\",\"Bebo\",\"Delicious\");var hupso_background_t=\"#EAF4FF\";var hupso_border_t=\"#66CCFF\";var hupso_toolbar_size_t=\"small\";var hupso_image_folder_url = \"\";var hupso_url_t=\"\";var hupso_title_t=\"CAN YOUR FINANCIAL WORRIES GET YOU FIRED?\";<\/script><script type=\"text\/javascript\" src=\"https:\/\/static.hupso.com\/share\/js\/share_toolbar.js\"><\/script><!-- Hupso Share Buttons --><\/div>","protected":false},"excerpt":{"rendered":"<p>Read Published Article Having trouble focusing on your job? Productivity lagging? Calling in sick? Blame it on your bills. Human-resources managers say employees are so freaked out about their finances that it\u2019s hurting their job performance, according to\u00a0a survey\u00a0released last week by the Society for Human Resource\u00a0Management. &nbsp; &nbsp;<\/p>\n<div style=\"padding-bottom:20px; padding-top:10px;\" class=\"hupso-share-buttons\"><!-- Hupso Share Buttons - http:\/\/www.hupso.com\/share\/ --><a class=\"hupso_toolbar\" href=\"http:\/\/www.hupso.com\/share\/\"><img src=\"https:\/\/static.hupso.com\/share\/buttons\/share-small.png\" style=\"border:0px; padding-top:5px; float:left;\" alt=\"Share Button\"\/><\/a><script type=\"text\/javascript\">var hupso_services_t=new Array(\"Twitter\",\"Facebook\",\"Google Plus\",\"Pinterest\",\"Linkedin\",\"StumbleUpon\",\"Digg\",\"Reddit\",\"Bebo\",\"Delicious\");var hupso_background_t=\"#EAF4FF\";var hupso_border_t=\"#66CCFF\";var hupso_toolbar_size_t=\"small\";var hupso_image_folder_url = \"\";var hupso_url_t=\"\";var hupso_title_t=\"CAN YOUR FINANCIAL WORRIES GET YOU FIRED?\";<\/script><script type=\"text\/javascript\" src=\"https:\/\/static.hupso.com\/share\/js\/share_toolbar.js\"><\/script><!-- Hupso Share Buttons --><\/div>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[28,29,6],"tags":[30,340,335,10,331],"class_list":["post-717","post","type-post","status-publish","format-standard","hentry","category-credit","category-finances","category-second-verse-blog-on-forbes-com","tag-credit-2","tag-finances","tag-second-acts","tag-second-careers","tag-second-verse-blog-on-forbes-com"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p3YFQS-bz","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/posts\/717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=717"}],"version-history":[{"count":3,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/posts\/717\/revisions"}],"predecessor-version":[{"id":1422,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/posts\/717\/revisions\/1422"}],"wp:attachment":[{"href":"https:\/\/kerryhannon.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}