SHRM Poll, November 2, 2009 | ©SHRM 2009

November 2, 2009

SHRM Poll: Assistance Organizations Offer to Help Employees Manage Their Financial Resources

SHRM Poll, November 2, 2009 | ©SHRM 2009

DefinitionFinancial education is defined as any workplace initiative, program or resource designed to provide employees with information on how to manage their financial resources effectively for a lifetime of financial well-being.

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SHRM Poll, November 2, 2009 | ©SHRM 2009

Does your organization currently provide any kind of financial education to your employees?

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Differences by organization staff size:• Respondents from large-staff-sized organizations (75%) were more likely than those from small-staff-sized organizations (51%) to report their organization provided financial education.

Differences by organization operations location:• Organizations with multinational operations (72%) were more likely to provide financial education than organizations based only in the United States (61%).

Difference by organizational sector:• Publicly owned for-profit organizations (76%) were more likely than privately owned for-profit organizations (58%) to provide financial education.

n = 401

Note: Small-staff-sized organizations = 1-99 employees, medium-staff-sized = 100-499 employees, large-staff-sized = 500 or more employees.

Only significant differences are presented.

SHRM Poll, November 2, 2009 | ©SHRM 2009

What are companies doing to help employees manage their financial resources effectively

for a lifetime of financial well-being?

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SHRM Poll, November 2, 2009 | ©SHRM 2009

What financial education topics are available to your employees?

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n = 255* For example ,budgeting, paying for education, debt reduction or credit card use, homeownership, taxes, etc.Note: Asked only of respondents who said their organizations offered financial education. Percentages do not total 100% as respondents were allowed multiple choices.

SHRM Poll, November 2, 2009 | ©SHRM 2009

Have you conducted a needs assessment (e.g., surveys, focus groups, etc.) to determine what topics or delivery methods of financial education would be most beneficial to your employees?

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n = 253Note: Asked only of respondents who said their organizations offered financial education

SHRM Poll, November 2, 2009 | ©SHRM 2009

How do you provide financial education to your employees?

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n = 256Note: Asked only of respondents who said their organizations offered financial education. Percentages do not total 100% as respondents were allowed multiple choices.

SHRM Poll, November 2, 2009 | ©SHRM 2009

Within the last 12 months, has your organization seen an increased demand for financial education from employees?

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Differences by organization staff size:•Respondents from large-staff-sized organizations (46%) were more likely than those from small-staff-sized organizations (20%) to report an increased demand for financial education.

n = 195Note: Asked only of respondents who said their organizations offered financial education. Excludes respondents who answered “not sure.”

SHRM Poll, November 2, 2009 | ©SHRM 2009

What is the primary personal financial concern of your employees?

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n= 181Note: Asked only of respondents who said their organizations offered financial education. Excludes respondents who answered “not sure.”

SHRM Poll, November 2, 2009 | ©SHRM 2009

As you plan your budget for next year (2010), have you requested or are you requesting funds for financial education?

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n = 253Note: Asked only of respondents who said their organizations offered financial education.

SHRM Poll, November 2, 2009 | ©SHRM 2009

Have your financial education initiatives faced any obstacles?

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n = 256Note: Asked only of respondents who said their organizations offered financial education.

SHRM Poll, November 2, 2009 | ©SHRM 2009

What is the biggest obstacle your financial education initiatives face today?

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n = 171Note: Asked only of respondents who said their organizations’ financial education initiatives faced obstacles.

SHRM Poll, November 2, 2009 | ©SHRM 2009

Results by Companies That Did Not Offer Financial Education to Employees

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SHRM Poll, November 2, 2009 | ©SHRM 2009

Does your organization have plans to provide financial education to your employees within the next 12 months?

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n = 145Note: Asked only of respondents who said their organizations did not offer financial education.

SHRM Poll, November 2, 2009 | ©SHRM 2009

What is the biggest obstacle preventing your organization from providing financial education in the workplace?

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n = 132Note: Asked only of respondents who said their organizations did not offer financial education and had no plans to provide financial education within the next 12 months.

SHRM Poll, November 2, 2009 | ©SHRM 2009

Demographics: Organizational Industry

IndustryManufacturing 18%

Services—professional, scientific, technical, legal, engineering 10%

Financial services (e.g., banking) 9%

Government/public administration—federal, state/local, tribal 9%

Health care, social assistance (e.g., nursing homes, EAP providers) 9%

Other services (e.g., nonprofit, church/religious organizations) 8%

Educational services/education 7%

Retail/wholesale trade 5%

Construction, mining, oil and gas 3%

Consulting 3%

High-tech 3%

Insurance 3%

Transportation, warehousing (e.g., distribution) 3%

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n = 398Note: Percentages do not total 100% due to rounding.

SHRM Poll, November 2, 2009 | ©SHRM 2009

Demographics: Organizational Industry (Continued)

Industry

Publishing, broadcasting, other media 2%

Telecommunications 2%

Utilities 2%

Arts, entertainment, recreation 1%

Association—professional/trade 1%

Biotech 1%

Pharmaceutical 1%

Real estate, rental, leasing 1%

Services—accommodation, food and drinking places 1%

Other 1%

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n = 398Note: Percentages do not total 100% due to rounding.

SHRM Poll, November 2, 2009 | ©SHRM 2009

Demographics: Organizational Sector

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n = 397Note: Percentages do not total 100% due to rounding.

SHRM Poll, November 2, 2009 | ©SHRM 2009

Demographics: Organization Staff Size

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n = 368

SHRM Poll, November 2, 2009 | ©SHRM 2009

Demographics: Organization Region

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n = 391Note: Percentages do not total 100% due to rounding.

SHRM Poll, November 2, 2009 | ©SHRM 2009

Demographics: Organization Operations Location

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n = 397

SHRM Poll, November 2, 2009 | ©SHRM 2009

SHRM Poll: Assistance Organizations Offer to Help Employees Manage Their Financial Resources.

• Response rate = 17%• Sample comprised of 401 randomly selected HR professionals

from SHRM’s membership• Margin of error is +/- 4 • Survey fielded October 15 - October 22, 2009

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Methodology