Why Financial Wellness at Work Is No Longer Optional

Submitted by Jared Schumacker and Janel Kalish, Financial Advisors from Third Coast Advisors and GMA SHRM Board Members

In a recent episode of Honest HR, SHRM explored how financial stress shows up at work, how HR leaders can address it, and what cost effective financial wellness strategies can look like in practice.

Financial stress does not stop at the front door of the office or the factory. Employees carry it into meetings, decision making, collaboration, and productivity. Rising living costs, debt, delayed homeownership, childcare expenses, and uncertainty about retirement have made money one of the most persistent sources of stress in the modern workforce.

Research continues to show that financial stress ranks among the top concerns for employees and HR leaders alike. What has changed is the urgency. Financial wellness is no longer a nice to have perk. It is becoming a core component of employee experience, retention, and organizational performance.

Financial Stress Impacts More Than Morale
When employees worry about bills, debt, or financial emergencies, that stress competes with their ability to focus. It affects engagement, performance, attendance, and long-term commitment to an employer. It also contributes to burnout and health related issues, which increases benefit costs and absenteeism.

From a business standpoint, financial wellness directly connects to outcomes HR teams care about. Productivity, retention, recruitment competitiveness, and healthcare utilization all move when employees feel more financially secure.

The Financial Wellness Conversation Has Evolved
A few years ago, financial wellness often meant a retirement plan meeting or a basic 401(k) webinar. That is no longer enough.

Employees are asking more practical and personal questions. How do I actually retire, not just contribute to a plan? How do I budget effectively? How do I manage debt? How do I pay for my children’s education? How do I handle unexpected financial shocks? How do I make better decisions about health plans, insurance coverage, and total benefits? Real financial wellness focuses on application, not theory.

Cost Conscious Financial Wellness Is Possible
Many HR leaders worry that adding financial wellness means adding cost. In practice, smarter financial education can reduce expenses.

When employees choose benefits that better match their needs, healthcare costs often decline. When they understand HSAs, insurance options, commuter benefits, disability coverage, and total rewards, they make more efficient decisions. When stress decreases, absenteeism and turnover often follow, and financial wellness does not require building new programs from scratch.

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2025 GMA SHRM Compensation Survey Now Available!

Survey release November 2025

Competition for employees across all industries is at an all-time high, leading to rapidly escalating salaries. The GMA SHRM Compensation Survey provides up-to-date local, regional and national benchmarks to help you get a better handle on this challenging labor market.

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Professional Development and Events

March and April Observances

 

GMA SHRM Board Retreat Recap

Submitted by Ashley Kowalchuk, SHRM-SCP, PHR, GMA SHRM President

We’re excited to share a quick recap from our January 2026 GMA SHRM Board Strategic Retreat. It was a great opportunity for our Board to step away from our regular meetings and really focus on where we’re headed over the next six months. We spent time talking through priorities, aligning on goals, and making sure we’re continuing to meet the needs of our members and the broader HR community.

This year, we held our retreat at Thrill Factory Entertainment, which gave us the opportunity to balance strategy with a little fun. In between planning sessions, we broke into teams for a little friendly competition in the escape rooms. It was a great reminder of how important communication, collaboration, and problem solving are.

In addition to setting clear short-term goals, we spent time brainstorming new ideas and identifying areas where we can grow and improve. There are some exciting initiatives in the works, and we also focused on strengthening collaboration between our Board committees so our efforts stay aligned and impactful.

We’re looking forward to what’s ahead and hope you’ll stay involved. Whether it’s attending an event, joining a committee, or simply connecting with fellow members, your engagement is what keeps GMA SHRM strong. Be sure to check out gmashrm.org for updates, and don’t hesitate to reach out to any of our Board members if you’d like to get more involved.


 

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