Public Hearing: YES ☐ NO ☒ Department: Finance - Risk Management
SUBJECT:
Title
Commission District(s): All Commission Districts
Salary Finance - Financial Wellbeing
Body
Information Contact: Larry Jacobs, Assistant Director of Finance/Risk Management
Phone Number: 404-371-2050
PURPOSE:
To provide resources to ease the financial stress many employees struggle with. These tools are designed to improve financial literacy, productivity, and job satisfaction.
Salary Finance provides several resources to help employees eliminate debt, save more and improve financial resiliency and credit scores.
Low-cost loans repaid via payroll deductions - Rates based on ability to repay. (5.9% - 19.9%)
Loan Terms: 6 to 36 months, Loan Amounts: $750 to $35,000
Minimum 12 months of employment required for loan program
No employer liability for unpaid loans
Emergency savings account incentivizes: 1.50% APY on all deposits
$50 bonus (funded by Salary Finance) on first $500 saved
Free financial education resources, including coaching, through United Way and other vetted resources
Financial fitness assessment tool and score to benchmark and track financial wellbeing over time
Virtual and in-person education seminars/webinars
NEED/IMPACT:
Investing in an employee financial wellbeing strategy will benefit both employees and DeKalb County. If employees feel more financial stability, this can improve the ROI on staffing costs by reducing their financial stress, increasing productivity, and reducing absenteeism. It can also act as a powerful tool for recruiting and retaining staff, as employees are likely to place a high value on opportunities to improve their financial stability, health, and overall wellness. Millennials in particular place high value on financial wellbeing benefits. Improving employee financial wellbeing is a top priority for DeKalb County as we look to build a stronger, more resilient workforce for the future.
FISCAL IMPACT:
There is no cost to the County or County employees.
RECOMMENDATION:
Recommended Action
Authorize the Chief Executive Officer to endorse all necessary documents.