10 ways the free CLC employee loan program can strengthen employee loyalty, decrease employee turnover, and enhance your bottom line!
- 47% of Americans surveyed said they do not have $400 available for an emergency (Source: 2013 Report published by the Federal Reserve Board).
- CLC loans can reduce the number of employee requests for paycheck advance or loans against retirement funds.
- Eighty-three percent of human resource professionals reported that financial stress is having a negative impact on employee work performance in their organization. (Source: Society for Human Resource Management, SHRM Research Spotlight: Financial Education Initiatives in the Workplace, 2012).
- CLC helps your employees become more financially stable (typical payday borrower takes 9 loans per year at 400% interest; CLC rate is only 18% with low payments)
- CLC can reduce financial stress which can reduce absenteeism from illnesses related to financial stress
- 24% of employee admitted their personal finances have been a distraction at work (Source: PricewaterhouseCoopers, Employee Financial Wellness Survey, April 2014).
- CLC can help reduce employee absenteeism (missing work to refinance payday loans) as well as “presenteeism” (dealing with personal problems on the job which are unrelated to work like calls from creditors, returned checks, etc.) leading to increased job performance.
- Despite the challenges financial distress presents for employee engagement, only 6% of employees strongly agreed that their organization provides training or resources to help them manage their finances more effectively. (Source: Jennifer Robison, “The Business Case for Wellbeing,” Gallup Business Journal, June 9, 2010)
- 4 in 10 employees reported that they want help in achieving financial security (Source: MetLife, 10th Annual Study of Employee Benefits Trends: Seeing Opportunity in Shifting Tides, 2012)
- CLC program includes free, no-obligation financial counseling to employees.
Click here for more information about the Community Loan Center of the Brazos Valley.