March 22, 2016
Employee financial wellness scores big win at The Business Backer
A serendipitous meeting on April 21, 2015 between Steve Tosh, Chief Operating Officer, The Business Backer, a provider of small business financing, and Al Riddick, President, Game Time Budgeting, a Cincinnati based financial education firm, would lead to helping others enhance their financial wellness. Steve and Al were Career Day guest speakers at Sycamore High School and assigned to the same class. A few weeks after their initial meeting, Steve was involved in an executive team meeting at The Business Backer. During the discussion about staff development, Kenneth Adi, HR Administrator at the company, expressed his desire to provide financial wellness training to help their workforce overcome one of life’s biggest challenges—money management. Steve responded, “I recently met a guy whose company can help.” Financial stress can have harmful effects in the workplace causing decreased productivity and engagement.
After Kenneth and Al met, they agreed that Game Time Budgeting would deliver a series of customized workshops to help participants develop the proper behaviors and mindset to spend less so they can have more. An introductory session was provided to expose team members to Game Time Budgeting’s financial wellness program and determine individual interest. The response was overwhelming resulting in training sessions being delivered twice per day (one day a week) during a four-week time span.
Thirty days post workshop, 91% of participants had increased their savings while 86% had begun or added to their emergency fund. These successes where accompanied by a 25% decrease in financial stress. Further inquiry showed a $1.55 return for every $1 The Business Backer invested in helping team members enhance their financial wellness. Ninety days after the series concluded, attendees reported eliminating $8,020 in debt (above the minimum payment) while adding $6,175 to savings. According to one team member who responded to an anonymous survey, “This workshop gave me the necessary tools to begin to prepare for my financial success. It also gave me the confidence to believe that I can succeed.” When asked about the financial wellness programs success, Mr. Adi stated, “This is amazing! I am very happy and so is the executive team about the ROI in the lives of our staff.”
Financial wellness impacts marriage, money, and stress testimonial video.