The Current Reality[Restricted]
Studies show that Canadian families are spending more money, while saving fewer dollars, all the while indebted to unprecedented levels:
~ Spending outstripping earnings by a margin of $1.53 to every $1.00 earned (Stats Can)
~ Percentage saved has dropped significantly from 13% in 1990 to 4.3% in 2010 (Vanier Institute)
~ Debt ratios for Canadian families are at a staggering rate between 180%-227% (Stats Can)
~ More Canadians are carrying debt into retirement, with one-third of retired households carrying an average debt of $60,000 and 17 per cent carrying $100,000 or more (Certified General Accountants of Canada)
Individuals and families, try as they may, can’t help but have those current realities affect them at work and home. The truth of the matter is when those conditions are affecting them at work they conspire to cost your company profitability. Those costs can manifest in poor customer service issues, incorrect invoicing, or simply calling in sick. No matter the outcomes, the labels are the same:
~ Increased Presenteeism
~ Lower Productivity
~ Diminished Quality of Work
~ Higher Absenteeism
All of those actions, or inactions, happen when they feel their financial stress is overwhelming and workplace needs are not being met. Studies reveal it, owners know it, and we at True Current Consulting see it every day.
What are employers to do when their employee’s personal economic realities affect their corporate bottom line?
The answer is that today, more than ever, progressive employers are assisting employees to mutual benefit through workplace education. Through workplace education the employer will see improvements in those stress related, negative performance areas.
True Current Consultants work with your employees to bring a sense of awareness on how to avoid, control, and manage their stressful economic circumstances through our Specialized Effective Education program.