Most businesses want to see their employees succeed, both in the daily operations of the company and also in their personal lives. Having a strong financial cushion is an important aspect to this becoming a reality, but it will be difficult for employees to achieve monetary stability without access to the right tools.
Organizations that have comprehensive HR software systems that allow for 401(k) planning and access to payroll information are supplying their employees with necessary data to plan for their futures.
Tom Pemberton, a certified financial planner, explained to Forbes that financial planning is an essential tool that employees of all ages need to consider.
“If you look at people who are financially successful, most of them have been making very smart financial decisions all their life,” he said. “The sooner you start making smart decisions, the sooner you know where you want to go, and if you have a plan to get there, the more likely you are to attain it.”
The Forbes article cited information from a survey by the Certified Financial Planner Board of Standards, which showed that just 31 percent of financial decision makers in families say they have created a comprehensive monetary plan—on their own or with professional guidance. Furthermore, only 35 percent of those surveyed said that they have a savings plan in place for emergencies.
HRIS software will not only keep a business organized, it ensures that all employees have the ability to work toward creating a financial plan for themselves. No company can guarantee that each team member will take advantage of such offerings, but it is important for long-term organizational success to keep employee morale high. When workers know they can create stable futures, they are more likely to be devoted in the office.