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With higher education levels lagging 8 percentage points behind the national average, those who work in manufacturing suffer from lower levels of financial literacy. And, that could hurt your business.

According to the Federal Reserve, 4 in 10 adults say they would not have the money to cover an unexpected $400 expense. But those who work in manufacturing have an especially hard time making ends meet. And when they suffer, so does your business:

  • On the Production Floor: 44% of these employees deal with money problems 3+ hours each week while on the clock.
  • At the Punch Clock: Financially stressed employees are two times more likely to miss work due to personal financial issues.

Poor employee financial well-being also has a direct impact on your business’s ability to attract and retain top talent:

  • Retention: 76% of financially stressed employees would be attracted to an employer who cares more about their financial well-being.
  • Competitiveness: 40% of financially stressed employees believe their employer’s benefits offerings are not competitive.

What’s an HR professional to do? How are you going to tackle financial well-being in addition to everything else on your plate?

When it comes to finding the right financial well-being solutions for your employees, it’s natural to have questions. In this guide, you’ll find 10 of the most common concerns Businessolver hears from manufacturers about employee financial well-being. And, you’ll get some sound advice on the pros and cons of various types of well-being benefits—from traditional counseling programs to “set-it-and-forget-it” emergency savings accounts to tax-advantaged employer incentives.

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