With worker's financial stress rising, how can corporate programs help?

If there is a single, detrimental factor causing a loss in productivity, it has to be stress. Since the wake of the global pandemic, financial stress has been the most alarming factor in workplaces. Research and studies indicate that an organisation of 150 employees stands at the risk of losing up to half a million dollars a year, simply because of a loss in productivity.

Moreover, it is not anyone's fault. Recent times have been an indicator of how poorly equipped employees are to tackle their financial challenges. With stagnant annual pay and looming uncertainty, the only option is to seek better earning opportunities. However, they then realise that their pay checks can only take them so far, and this has been hurting organisations. When an employee is dissatisfied, it shows through their performance, and that holds back the growth of the company.

The only apparent solution seems like a pay raise, but companies may not be in a position to offer that. This is where financial wellness programs come in. These programs are designed to find avenues for the company and its employees to make the most of their pay check to provide a sense of financial security. This, in turn, converts to improved engagement and job satisfaction which improves productivity and assists in company's growth.

Furthermore, what if employer provided an avenue for people to uncover the keys to personal success – more energy, extreme self confidence & living with purpose?

Wouldn’t that in turn create a more valuable, engaged employee?

There are programs available using modern technology that can assist people with shifting many of the roadblocks that prevent these life stressors and allow employees to become the best version of themselves both in the workplace but also in their personal lives.

“[Our programs offer] improved engagement and job satisfaction which improves productivity and assists in company’s growth.”

An Employee Activation Program can provide the tools and strategies needed to align employee engagement and satisfaction. Uncovering and addressing beliefs around finances and renumeration that may be holding individuals back, in turn allowing them to reach their full potential and thrive within their organisation.

Bonuses and Benefits

Ambition is what makes people push their boundaries at work and in life. It's the ambitious individuals who strive to do better than yesterday, to have a better tomorrow. Unfortunately, having a job is not popularly seen as an ambitious ordeal. The pay is rarely outstanding, and most importantly, the scalability of income in a short interval is very questionable. That is why employers have been seen practising merit-based pays to retain their best performers with means beyond the regular pay check. The bonuses could include additional financial compensation, vacations, and improved benefits. The bonuses and benefits act as a positive stimulus among the workforce and improve their morale and vigour to help their companies grow.

Utilising the Digital Platforms

Since 2019, an increasing percentage of organisations have been known to implement the use of financial wellness software. With features like budgeting tools, debt management, gamification, etc., employees can keep track of all their finances in one place, from their balance and savings to their spending and retirement funds. These tools may also include features such as tracking assets, setting a financial goal, budgeting and portfolio performance with a single click with comprehensive reporting and analytics. Apart from providing financial knowledge and helping employees understand their financial standing to maximise their benefits, these digital tools also enable organisations to manage, monitor and implement their financial wellness programs more effectively. Regardless of the size of the organisation or nature of the industry, every type of company can benefit from these digital platforms to improve employee engagement, productivity, and retention.

Offering Financial Education and Advice from a Professional

It is appalling to realise how little we actually know about something as essential as finances. The financial market is subject to fluctuations and change. Then there are unforeseen circumstances and emergencies that could force us to dip into our cash reserves much earlier than we expected. Then there are the obvious changes like retirement. Many might have medical bills, or perhaps some other form of debt. It is estimated that up to 20-30% of working hours are lost because employees attend to their financial matters and stress over it. Well-structured and forward-thinking organisations have started providing one-on-one financial counselling sessions to help their employees better understand their financial situation with the help of a professional. Understanding what benefits the company offers, where their finances are most secure and most flexible to use in case of an emergency helps reduce much stress for the workforce. A sense of security and increased job satisfaction only improves their motivation and performance in the organisation.

Organisations like Edge Financial Planning, Women with Edge offer Wine & Finance sessions covering topics such as how to get the most out of your superannuation, what is the best home loan for me, where do I start with insurance & making my will.

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