An Employee Education Program For Limited Resource Employees: A Win-win Situation

1. An Employee Education Program For Limited Resource Employees: A Win-win Situation Dr. C. L. Wayne Moore, University of Missouri & Dr. Dena Wise, University of Tennessee

2. Background Why have Employee Education Programs? Education is the single highest determinant of an individual’s level of personal development. Persons identified in lower socio-economic levels generally experience the greatest challenges in exercising various life management skills. Without EEPs, there will be increasingly serious implications for the working poor including those who were on welfare. The return on investment for businesses who have EAPs ranges from four to sixteen dollars on each dollar spent.

3. Background cont’d Businesses are interested in: • Reducing employee Absenteeism • Maximizing the employee retention rate • Increasing employees’ job quality and overall productivity levels

4. Conceptual Model Demographics Attitudes/Behaviors • Individuals and Members of Household • age • gender • education • marital status • number and ages of children • number and ages of all adults 18 years > • Needs assessment & Pre/post Intervention Evaluations for: • personal financial management • parenting skills • nutrition • child care issues • interpersonal skills

5. Conceptual Model (cont’d) Attitudes/Behaviors • Objective Wellness Indicators: • Personal Financial Management • Saving money monthly • Developing and/or using a monthly spending plan • Developed money goals • Subjective Wellness Indicators: • Perceived level of wellness and satisfaction in financial management

6. Conceptual Model (cont’d) Work • Work Outcomes: • Employer Provided • Pre-Post Workshop Productivity Levels • Absenteeism • Health-care costs • Retention/Turnover • Job quality/productivity • Safety record • Work Outcomes: • Employee Provided • Pre-Post Workshop Productivity Levels • Presenteeism • Work time spent on component concerns • Health status • Commitment to job

7. Return-on-investment Model (used with permission from NIPFEE) Cost of Workplace Education Direct Indirect Materials Preparation Labor Travel Time Incentives Employees’ time Program Assessment for attending w/shops Example: Costs = $110,000

8. Return-on-investment Model (used with permission from NIPFEE) Work Outcomes Employer Provided Absenteeism Health care costs Retention/turnover Job quality and Productivity Employee Provided Presenteeism Work time spent on financial management and other component concerns Commitment to job/organizational goals Health status Benefits of work outcomes = $330,000

9. Return-on-investment Model (used with permission from NIPFEE) Example: Costs = $110,000 Benefits of work outcomes = $330,000 Return-on-Investment of Workplace Financial Education ROI = [(330,000 - 110,000) /110,000] X 100 = 200% B/C (benefit/cost) ratio BCR 330,000/110,000 = 3

10. In Your Handout EEP Needs Assessment Form Employee Provided Work Outcome Sheet EEP Promotional Sheets EEP Format Outline showing program process