Why your employees' financial health is good for your bottomline
As an employer, it can be tempting to think that every employee's financial wellbeing is their own business, and that issues in this regard should not affect your company. However, employees are complex human beings. Just because they are employed in a professional capacity at your place of business, does not mean that any financial stress they carry will not have a ripple effect.
Helping your worker to take care of their financial health holds countless benefits for your business. When a person who works for you feels secure and able to take care of all their responsibilities, they are free to devote all their mental energy to the daily tasks at hand, and really bring their A-game every day.
On the other hand, if they are under severe pressure because they are in debt, or unable to make ends meet due to inadequate budgeting, etc., it can lead to increased healthcare expenditures, low levels of productivity, and absenteeism.
This all adds up to reduced profitability, and a compromised company culture. With so much at stake, it only makes sense to support your team when it comes to managing their income and making wise financial choices.
Here are a few steps to take when you want to provide your employees with the option of receiving support in terms of the management of their personal finances:
Get buy-in from key stakeholders
Make the case for your financial wellness program from the top down to ensure that you have buy-in from all the key stakeholders. Start with C-suite, and work your way down to HR and beyond. Once you have everyone on board, it's time to engage with the people the program stands to benefit, namely your employees.
Determine the lay of the land
Talk to your people to find out what they need. Every business is different, and so is the needs of its employees. Remember that money is a very touchy subject, so anonymous surveys and focus groups normally work best. One-on-one interviews is another way to go, if you feel that your employees will be able to speak openly about their financial pressures and need for support.
Identify workable solutions
Once you know what your employees’ needs are, determine which processes can be put in place to assist. You may find that there is a need for professional financial planning support, debt management, or credit services. The onus then lies with the company to decide on the ideal suppliers of these services.
Promote program engagement
Merely having a program in place will not guarantee engagement – it is bound to gather dust if no-one pays attention to it. Ideally, you want to put someone in charge of promoting the program among your staff members and drawing attention to it regularly to boost participation.
Measure & improve consistently
In order to ensure that your efforts are not going to waste, you need to measure the success of your program in an ongoing fashion, so you are able to improve it continuously for optimal results. Start by establishing KPIs right from the start, so there is tangible data to inform your decisions.
Contact the Libertine Consultants team for more info
Would you like to find out more about helping your employees to regain control of their financial wellbeing? Get in touch with Libertine Consultants today. We are experienced in handling these matters and will be able to provide you with good advice.
Best of all - if you contact us before the end of April 2021, you can take advantage of one FREE legal advice session via WhatsApp videocall, Zoom or Google Meets. We are also offering the first hour of an initial family mediation consultation free of charge, so bear that in mind if there are any employees who could benefit from this offer.
