6 October 2020
A Financial Wellness Program usually expands from standard employee benefits and goes past retirement arranging and contributing data. A balanced one will promote, for employees, everything from precise understanding and appropriate use of money to the point of building not just a stable, but symbiotic relationship with money.
This is a perspective many evolving corporates are increasingly realizing. But before they begin tackling these opportunities, they are asking some fundamental questions. Such as:
Financial Stress negatively affects the workforce. Multiple examinations, including those from the American Psychological Association and Northwest Mutual, have found that cash issues have been the #1 stressor for young professionals.
This pressure culminates in depression, sleepless nights, and even out and outfits of anxiety, thus incrementing truancy, decreasing efficiency, and fueling high employee turnover. Many reasons employees are worried about their financial circumstances to have little to do with their heads or compensations.
Although employers are unlikely to be the reason for the monetary pressures the employees’ experience, they are uniquely placed to address these challenges. An ideal approach to battle the stress that accompanies monetary concerns is to get instructed (become a financial literate), structure a proper arrangement with objectives, and oversee expenses reasonably until and unless there is an achievement of the goals.
Employers can, and should, enable their employees to do these things. And many of them already are.
Global brand Paypal is one of the most significant examples of overcoming adversity in American corporate history. The brand found that a considerable lump of its employees had minimal extra cash (4%-6% of full pay) after lodging, food, and transportation costs. So PayPal revealed a program to address four things:
Microsoft, unsurprisingly, runs a thriving financial wellness program too. Called Live Well 365, the program combines health, fitness, and financial wellness in a comprehensive package. A dedicated portal, complete with a thriving blog disseminating financial education, form part of a broader offering featuring insurance plans, health tips, and more.
Several Indian corporates – including popular brands such as Myntra, Wakefit, BigBasket, HUL, NoBroker, and many others are progressively approaching financial wellness as one of the critical precepts of employee prosperity. These associations ensure that employees can deal with their funds better and set aside savings for stormy days.
In August 2019, Myntra introduced ‘Thrive’, a wellness framework for employees, in which financial prosperity is one of the fundamental principles. The organization is inviting experts in asset and wealth management to educate employees on ventures to spare tax, just as developing their riches for a protected future.
BigBasket (a company based out of Bangalore) has emphasized giving financial advice to lady employees. “Women have an extremely crucial role in supervising funds and interest in many families, and we started monetary literacy programs for women associates working at our distribution hubs,” Tanuja Tewari, VP of HR, BigBasket, was quoted as saying to The Economic Times. As the organization hopes to enhance its female workforce at the dissemination habitats, there are plans to teach all lady employees at the firm.
HUL runs successful financial wellness and education programs to teach representatives on the requirement for financial planning. The organization has additionally tied up with international experts for knowledge meetings on accessible financial instruments, said a representative.
Wakefit conducts internal training sessions with employees where it shares the tips and deceives of investing at a beginning phase and how a little segment of pay spared and put can go far in making sure about their future.
Hopefully, this discussion was enlightening and informative. While there is a range of online loan apps for professionals, brands like EarlySalary go one step ahead – by offering financial wellness services to corporates and their employees. The result? Lowered attrition, employee turnover decreases significantly, and the employees are free of the stress and pressure.
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