ROHNERT PARK, Calif., June 9, 2017 /PRNewswire/ -- Employers are increasingly adding financial wellness initiatives to their health and wellness benefits packages. Studies showing how stress affects productivity combined with others that show how much financial concerns contribute to stress form a picture of the student-debt-laden worker. It's not a very productive picture. Alltech Financial, a company that provides businesses with the ability to offer federal student loan repayment solutions to their employees, has created a platform that turns the student loan debt stigma on its head.
According to the 2016 PwC Employee Financial Wellness Survey, 52 percent of employees are stressed about their finances. This stress inevitably bleeds into the workplace; in fact, employees with student debt are 50 percent more likely to be distracted at work, compared to 23 percent of other employees. Alternately, 45 percent of employees say most of their stress comes from financial concerns.
"Stress is common in the workplace, but it's unfortunate that it results from financial concerns, which are manageable with the right resources," said Chuck Gangnath, Vice President of Operations at Alltech Financial. "It's becoming increasingly clear that student loan debt is a negative force for employees. We're here to flip the script, and turn federal student loan debt into a recruitment tool for businesses to attract and retain talent to their organization."
Stress affects all parts of someone's life, from emotional well-being to physical well-being. Stress can cause headaches, increase heart rate and blood pressure, increase blood sugar levels, affect digestion and more. Any of those are bound to intrude on work life, creating distractions and lowering productivity. In cases of severe or chronic stress, employees may take extra sick days due to stress-related medical conditions.
The PwC broke down many statistics by generation, and it's very clear that millennials feel more affected by student loans than other generations. Whether their student loan debt affects progress toward financial goals or productivity at work, the resulting stress takes a toll on their work life. While millennials make up the largest share of the workforce now and have more personal debt than other generations, it's not surprising that they feel stress from it.
For a growing number of companies, a solution to this financial stress is easy. Financial wellness benefits are becoming more prevalent, especially to combat student loan debt. Companies like Fidelity, HP and Staples offer student loan assistance benefits and have been getting positive feedback and stronger participation. The lowered stress that comes with help paying off high student loan balances results in more productivity and engagement with the company.
"It seems like a no-brainer that helping employees with their student loan debt lowers stress and increases productivity," said Gangnath. "Alltech Financial supports businesses by helping them offer employees and their families a way to reduce the monthly burden of student loan debt. Our goal is to simultaneously help borrowers with their student loan debt and help businesses attract and keep the best employees."
About Alltech Financial
Alltech Financial offers employers and corporate partners a solution to help employees and their families reduce their monthly student loan obligations and prepare them for total loan forgiveness.
Each representative on the phone is certified through the International Association of Professional Debt Arbitrators (IAPDA) and has received the Certified Student Loan Professional certification through Association for Student Loan Relief (AFSLR).
To learn more about Alltech Financial, please contact:
5789 State Farm Drive Ste. 265
Rohnert Park, CA 94928
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SOURCE Alltech Financial