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Multipli Credit Union

Partnering with Credit Unions to Relieve Employee Financial Stress

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Employee financial stress has a tremendous impact on employer profitability, affecting not just direct productivity levels but also internal dishonesty, absence, accidents, substance abuse, disability and worker compensation claims, and future legal liability.

According to Forbes magazine, personal finance issues stress one-third of American employees and half of those individuals are so impaired that job performance is affected.

To combat a serious drain on workplace productivity, employers can provide incentives for employees to attain financial wellness.

Credit unions can become effective partners in the effort to reduce the impact of financial stress on both employer and employee. Multipli Credit Union offers employees educational programs and interventions designed to improve financial wealth building. Participants also learn coping skills and assistance is available for households that might need help remediating poor financial habits.

“Partnering with a credit union is an enormous opportunity to improve employer bottom line results by helping employees get their finances back on track,” says Alisa Lawler, VP of Marketing/Business Development.

“Study after study shows that a credit counseling and debt management program improves employee financial wellness and job productivity, including the quantity and quality of employee performance and the supervisor’s rating of employees," says Lawler. "Participants also enjoy better health and have fewer concerns about health problems.”

A successful credit union/employer partnership may include a number of key services:
• Structured asset accumulation programs,
• Financial education sessions,
• Payroll savings plans,
• Financial counseling or referral to counseling services, and/or
• Targeted-purpose savings accounts

As employees gain control of their financial lives, they become more competent on the job. As the interrelatedness of financial affairs and personal problems is identified and confronted, both employers and employees benefit.

“Everybody wins when employee financial problems are solved,” says Lawler. “The employer maximizes return on its human resource investment and the employee grows in terms of confidence, self-worth, and financial security.”

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