Why is it a lot of employees are suffering financially today? Is it because of the pandemic or there’s something more?
Why are they being buried in too much debt? Should we blame credit card companies?
Is there something that employers can do? Yes or No?
These are the questions we can answer right now. As of today, the Philippines is suffering from a surge of covid19 Omicron variant and more employees are either being stretched with their finances or leaving their job, according to the last SWS survey done last May 2021, 49 percent of Filipino families consider themselves as poor, 33 percent says that they feel borderline poor and 17 percent says that they don’t feel poor.
Are you one of those people who feel poor right now because your salary is not that high or incapable of serving your basic needs?
Your employer can help not by adding more salary to your end but by training you on how to manage your paycheck.
Once you understand the proper money management, it can tremendously change your life
For the last 10 years, Bank of America and Merrill Lynch’s study says “Employers are also seeing the connection between employee financial wellness and productivity — and how critical these programs are to business success.”
The goal of any financial wellness program is to promote good habits and positive financial decision-making to help employees navigate changing market environments and better manage their evolving goals — which is even more important as the coronavirus creates new challenges to maintaining financial wellness. – 2020 Workplace Benefits Report
Here are the benefits of having a workplace financial wellness program within your organization that can directly impact you as an employee.
Increase engagement
A workforce that is fully equipped about what to do to fulfill their job is a powerful competitive advantage. The lack of financial wellness within the workplace can reduce engagement, increase financial stress and anxiety, and can lead to more disengage employees.
As you can see in this chart, Employers can now feel an extreme responsibility compared to the last 7 years ago to equip their workforce.
It’s not enough that an employer gives salary to its workforce nowadays, but it’s necessary for them to know how to spend wisely and invest it in a vehicle that can help them achieve their financial goals.
Increase productivity
Imagine all of your employees have tons of debt. They would like to pay for everything but they can’t do it asap due to lack of training in personal development. This can lead to more health issues and derail the production within the company.
“When productivity fails to grow significantly, it limits potential gains in wages, corporate profits, and living standards.” – Investopedia
When we introduce financial planning sessions within the workforce it will help them create a plan that can solve their financial trouble.
Employees can feel that they are in control and can give them a sense of direction.
Increase retention / Loyalty
Are you familiar why many people stay within the same company?
As you can see when we teach financial wellness programs, it can boost the morale of our workforce by simply saying that
- Inspired To Work Smarter – We will help you to create an exciting journey with us.
- Feeling Valued, Recognize, Respected – We respect you for who you are and we will help you be more respected by having more autonomy within your finances.
- Mentored – We will teach you life skills not just technical things related to your job.
- Paid Well – Even while you are starting with your career, we will let you feel that you are paid well by helping you develop a muscle-related to saving and investing.
- Good Benefits and Incentives – We will let you feel that every training feels like premium.
- Believe in The Company Mission and Vision – We believe that as a company, your overall welfare matters.
- Working Environment Satisfaction – We don’t just work here, we will strike a balance so you can have fun and your work matters.
- Exciting and Challenging Work – We will let you feel that even in a challenging life situation we will not leave you behind.
- Great Relationship With Their Superiors – We will let you feel that your bosses support your financial goals.
- Work-Life Balance – As an employee, we will let you feel that your life matters even outside work.
- Career Growth, Learning and Development – Lastly, we will let you feel that you can grow personally while you are working within the organization and you won’t feel that you are stagnant.
Here are the sample survey done by Merill Lynch regarding the needs of employees about personal finance.
As we embrace 2022, we do have the power to change the culture of our organization by lifting each other up. The goal is to strengthen the culture and help everybody navigate their life and prepare them even at post-pandemic.
Do you want your company to be in a better position?
Do you want to maintain your competitive advantage?
Add a Workplace financial wellness program now to your primary training this year.
To learn more about Workplace Financial Wellness Program, follow our page here and if you want to have a comprehensive financial wellness program within your organization, get in touch with us immediately.
David Isaiah Angway is a Registered Financial Planner, Sun Life Financial Advisor, Chartered Wealth Advisor, and financial consultant for IT-BPO-Banking, HealthCare Industry, and Manpower Agencies.
He is the founder and host of the Driven Today Podcast #1 in Career Podcast within the Philippines with more than 20k+ downloads and being listened to by 66 countries today. He got more than 30k+ followers all across his social media.
He aims to help organizations attract and retain their top key employees, such as young urban and educated millennials (Gen Y and Gen Z), by teaching practical money management in the workplace.