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why choose FinFit

The following Calculator is based on various studies and analysis conducted by independent third parties surrounding the effects of Financial Stress on the workplace and the effects of implementing a quality Financial Wellness Tool. FinFit is that program that can yield the results below to your organization.
 

Start calculating your company’s savings:

We have pre-populated the calculator with national averages. Feel free to make adjustments to obtain the most accurate Employer Cost Savings results. After you have entered all of your numbers, click on the Print / Email tab to receive your results.



ASSUMPTIONS
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TURNOVER COSTS
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ABSENTEEISM
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PRODUCTIVITY
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HEALTH CARE COSTS
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HDI
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PRINT / EMAIL
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Employer Cost Savings Calculator
Please uncheck all categories that do not apply to your company.

Turnover Costs  
Absenteeism  
Productivity  
Health Care Costs  
HDI  

Total Annual Company Savings

Assumptions

Once you have completed the assumptions tab all informational tabs will be pre-populated specifically for your organization.

Employee Size  
Employees Who Are Seriously Financially Stressed in the Workforce % **
Cost to Acquire and Train New Employees **
Expected Reduction in Turnover of Stressed Employees Due to Financial Wellness Program %
Average Annual Employee Turnover % ***
Projected Individuals Who Fully
Participate in the Program
%
Company Savings Due to the Implementation of a Financial Wellness Program % **
Average Savings to Employer Who Implements an HDI Plan %
Average Number of Employees Participating in the Plans %
** Financial Literacy Partners, LLP - "Employee Financial Stress is Costing Your Company a Bundle--And How You Can Stop It Now!"
*** "Job Openings and Labor Turnover Survey". Bureau of Labor Statistics. 2008. Retrieved 2009-01-21.

Turnover and Retraining Costs

This figure for lower annual turnover costs for the employer reflects the reduction in the number of employees who otherwise would have left the employer. The turnover cost savings is based on the percentage of seriously financially distressed employees for whom the program has an impact substantial enough to prevent them from leaving. The calculation uses national cost figures and a conservative rate for annual turnover. It includes costs-per-hire as well as retraining costs.

Employee Turnover due to Financial Stress % **
Cost to Acquire and Train New Employees **
Expected Reduction in Turnover of Stressed Employees Due to Financial Wellness Program %
Average Annual Employee Turnover % ***
Average Cost Per Employee 720

** Financial Literacy Partners, LLP - "Employee Financial Stress is Costing Your Company a Bundle--And How You Can Stop It Now!"
*** "Job Openings and Labor Turnover Survey". Bureau of Labor Statistics. 2008. Retrieved 2009-01-21.

Absenteeism

This figure represents reduced employer costs due to unscheduled absenteeism. In the United States, the rate of unscheduled absenteeism is 2.3%, costing employers thousands of dollars in direct payroll costs alone. The calculations vary according to the financial wellness of the employees as well as the number who are seriously impacted in a positive manner by the financial education program. The calculation uses national cost figures.

Absenteeism Due to Stress % **
Employer Cost Per Day Per Employee Absent ***
Average Number of Hours Absent ****
Average Cost Savings Per Employee

** for Financial Counseling and Planning Education, Vol 14(1),2003
*** Financial Literacy Partners, LLP - "Employee Financial Stress is Costing Your Company a Bundle--And How You Can Stop It Now!"
**** Financial Finesse, Inc.

Job Performance Improvements (Productivity)

This figure is for improvements in performance. The ratings represents the value to the employer based on increased level of performance. Calculations vary according to the financial wellness of the employees as well as the number who are seriously impacted in a positive manner by the financial education program.

Cost Per Affected Employee in Terms of Productivity **
Projected Individuals Who Fully
Participate in the Program
%
Average Cost Per Employee

** Financial Literacy Partners, LLP - "Employee Financial Stress is Costing Your Company a Bundle--And How You Can Stop It Now!"

Health Care Costs

This figure represents the employer’s reduced health care premium costs for the year, following the delivery of a financial education program. It is based on the small percentage of employees who will reduce health care costs due to improvement in their personal financial behaviors.

60% of illness is caused by financial stress.

Gross Average Cost for Health Care Coverage per Employee *
Average Amount Paid by Employee *
Average Amount Paid by Employer *
Company Savings Due to the Implementation of a Financial Wellness Program % **
Average Cost Savings Per Employee

* Perrin's Annual Health Care Cost Survey
** Financial Finesse, Inc.

HDI

This figure represents the potential cost savings to employers for implementing an HDI program with a $2,000 deductible as compared to an “average” insurance program.

Average Cost to Employer for Typical Employee Only Insurance *
Average Savings to Employer Who Implements an HDI Plan. %
Average Number of Employees Participating in the Plans %
Average Savings Per Employee to the Employer

* RAND Health, a Division of the Rand Corporation

Contact Information

Please fill out the fields below to either print or email your results.

Company Name:
Name:
Job Title:
State:
Email:
Phone:
Best time to contact:
If you have already spoken to a company agent, please select one below.
Company Agent:

Get Started or Learn More?

Contact us via phone, email or fill out the form below and a sales representative will contact you directly.

Phone: 888-928-7248
Email: FinFit@FinFit.com