WASHINGTON, April 23, 2020 /PRNewswire/ -- In an effort
to improve financial wellness programs for the state and local
workforce, a new initiative will provide financial resources,
create tools and case studies, and facilitate conversations among
state and local leaders. The effort comes as state and local
government employees face increased financial challenges in the
wake of the COVID-19 pandemic and resulting economic crisis. Even
before the crisis, state and local governments were looking for
ways to tackle the dual challenges of workforce financial literacy
and public employee recruitment and retention.
Funded by the Wells Fargo Foundation, the initiative is
structured as a collaboration between the Center For State &
Local Government Excellence (SLGE), The International Public
Management Association For Human Resources (IPMA-HR) and the
National Association Of State Treasurers' Foundation (NASTF).
Building on recent financial wellness and literacy
projects, these partners will collaborate on the following efforts
over the next 18 months:
- Selecting state and local governments for competitive grants
that will seed new financial wellness programs for their public
workers.
- Developing research and briefing materials to help state and
local governments establish their own financial literacy
programs.
- Creating a case study learning center and materials that detail
the varied approaches state and local governments' past or
potential financial wellness programs for employees and
residents.
- Hosting conversations and meetings at NASTF and IPMA-HR
conferences to bring together public leaders and experts to discuss
how financial wellness programs can be implemented by state and
local governments.
Additional details on the grants process and other programs will
be announced soon.
"As COVID-19 continues to disrupt our society, municipal
employees are on the front lines, keeping our cities and towns
running. And even more important is the critical role they will
play in our country's economic recovery," said Darlene Goins, head of Financial Health
Philanthropy at Wells Fargo. "It's more important than ever for
government employees and their families to have access to financial
wellness tools and resources that will help them navigate financial
challenges now or in the future, reduce debt, save for retirement,
or reach other financial goals."
"Recent Center for State and Local Government Excellence
research found that 26 percent of local government employers offer
financial literacy programs to their workforce, while 65 percent of
public employees want access to these programs at work. We look
forward to working with IPMA-HR and NAST, with the support of the
Wells Fargo Foundation, in closing this gap. Implementing this
initiative with our partners will make a positive contribution for
the benefit of state and local workers and employers," said
Joshua Franzel, SLGE president and
chief executive officer.
"During these unprecedented times we look forward to working
with IPMA-HR and SLGE, with the support of the Wells Fargo
Foundation, to offer the necessary tools and resources to reach
public state and local employees. State Treasurers are keenly aware
of the impact of sound fiscal practices, whether for the state
house or their own houses and their staff. Having a variety of
tools to shore up personal finances is more important than ever
right now and will help everyone as we weather this crisis," said
Shaun Snyder, executive director of
NAST and the NAST Foundation.
"We are pleased be part of a program aimed at strengthening
financial wellness programs for the public workforce. These
programs are the right thing to do for employees while also helping
public employers. Financial wellness programs result in more
productive and engaged workers, improved morale, lower absenteeism,
lower stress and lower healthcare costs. We know that employees who
are in control of their finances are less distracted and can better
focus on their jobs, which is crucial for delivering vital public
services like public safety, health care and education," said
Neil Reichenberg, IPMA-HR executive
director.
Read recent SLGE research, Financial Literacy Programs for
Local Government Employees, sponsored by the Wells Fargo Foundation here.
The Center for State and Local Government Excellence
(SLGE) helps local and state governments become knowledgeable
and competitive employers so they can attract and retain a talented
and committed workforce. SLGE identifies leading practices and
conducts research on public retirement plans, health and wellness
benefits, workforce demographics and skill set needs, and labor
force development. SLGE brings state and local leaders together
with respected researchers. Access all SLGE publications and sign
up for its newsletter at slge.org and follow @4GovtExcellence on
Twitter.
Wells Fargo &
Company (NYSE: WFC) is a diversified, community-based financial
services company with $1.9 trillion
in assets. Wells Fargo's vision is
to satisfy customers' financial needs and help them succeed
financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,950 locations, 13,000 ATMs, the
internet (wellsfargo.com) and mobile banking, and has offices in 37
countries and territories to support customers who conduct business
in the global economy. With approximately 262,000 team members,
Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on
Fortune's 2018 rankings of America's largest corporations. News,
insights and perspectives from Wells Fargo are also available at
Wells Fargo Stories.
The National Association of State Treasurers' Foundation
promotes and improves the educational initiatives that enable
members to pursue and administer sound financial policies and
programs benefiting the citizens of the nation. NAST Foundation
programs provide for the enhancement of public officials'
understanding of the public financial arena and delivers education
to the public about personal financial management. Founded in 2000,
the charitable organization is governed by five-member board made
up of State Treasurers. For more information, please visit
nast.org/foundation/
The International Public Management Association for Human
Resources (IPMA-HR) represents the interests of public sector
human resource professionals at all levels of government. IPMA-HR
provides comprehensive resources and solutions to assist public
sector human resource professionals in ensuring that their
organizations have the right talent to achieve their missions. The
association provides a wide range of programs products and services
that include research, professional development, certification,
communications, public policy, and assessments. Additional
information about IPMA-HR is available at www.ipma-hr.org.
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SOURCE Center for State and Local Government Excellence