By: Kuldeep Gupta
About the Author: Kuldeep Gupta is Head of Human Resources at Porteck Corporation, an IIM Lucknow alumni & a master trainer having more than 18 years of experience managing human capital.
About the Author: Kuldeep Gupta is Head of Human Resources at Porteck Corporation, an IIM Lucknow alumni & a master trainer having more than 18 years of experience managing human capital.
When we make decisions about money, how to spend it, what we do to earn it, how we put it aside and grow it for the future, we’re dealing with a lot more than just numbers. Money is woven into the most intimate aspects of our lives. It’s part of who we are, how we take care of ourselves, and how we connect with others.
Money can also be a physical experience, with certain financial events lighting up our brains like a pinball machine.
We all wish to have the world’s best employer with abundance of in-kind benefits, but, let’s face it, we may not. Dwell on the aspects that we enjoy about work, and avoid negative people and gossip. Find coworkers we like and spend our time with them.
So one has to think positive all the times; but is it so easy? Can you really achieve this if you did’t manage your financial health?
Let us further discuss this..
Happiness and satisfaction are subjective concepts – while for some of us monetary benefits can be equated with job satisfaction, some might strive for recognition of their hard-work and lose motivation on failing to achieve so.
For some people, having a friendly environment at work is an essential requisite for deriving pleasure. No matter what the standards are, being content with our careers is crucial for maintaining the ‘work-life’ balance.
So what is “Financial Wellness”?
“Financial Wellness involves the process of learning how to successfully manage financial expenses. Money plays a critical role in our lives and not having enough of it impacts health as well as work performance.”
It has been seen many a times when somebody approaches you for financial help; you actually wanted to help but denied due to unforeseen reasons.
Money concerns are one of the biggest causes of stress. PwC’s 2017 ‘Employee financial wellness survey’ found that “53% of employees are stressed about their finances”.
Smart companies are recognizing that being financially stable is an acute need for their workers. In fact, in a recent Barclays survey, “38% of employees said that they would move to a company which puts financial wellbeing as a priority”.
Importantly, the study also found that 1 in 5 employees want
financial guidance from their employer.
So what an Employer can really do to support Employees’ financial wellbeing, there are FOUR things mentioned below:
Companies could consider offering money management guidance, debt counseling, and coaching on debt consolidation. If you don’t have the skills in-house to provide this information, there are money management service providers who offer tailored programs aimed at employees.
There are a range of loyalty and rewards schemes employers can register with to enable employees to receive discounts on goods and services when they shop online through the scheme.
Nothing like it; it gives instant gratification to the employee; so that they can work without future concerns for cash need.
A research conducted by the Social Market Foundation and Neyber reveals almost 50% of employees are not putting money aside for anything beyond regular bills. This study also shows that at least 33% of workers have no savings or investments.
Employers find it difficult & impossible to navigate through employees’ budget.
Remember, though, employees value a great workforce experience more than perks – so make sure you’re getting value from support you’re offering in more than the financial sense.
