If you had an innovative system to detect employees’ financial stress levels what would it show? What sound would it make? Do you think it would deafen the company, or would it be more of a muted cry for help?
Imagine the sound of Security when something is wrong at entering a well-secured building. What would it be like to tweet when an employee is financially affected and very stressed? No matter how secure we think we are, cracks in our employees’ health (and) finances send money out the door and productivity quickly afterward.
40% of job turnover is due to stress. Employee costs at least 120%-200% of the remuneration for the affected position.
Health costs double for those employees who report high levels of stress. Do not wait for the noise to disturb the quiet of your company. Bring back peace or never let it go! I’m coming to help!
Can the financial health affect the employee and the culture of the company?
Yes! It can lead to the need for increased headcount or unnecessary layoffs, increase health care expenses, reduce productivity, and ultimately reduce profitability. Let alone negative influence on the work environment, the good vibe, so necessary on a daily basis?
With such a toxic relationship between financial well-being and people’s productivity, the lack of interest regarding this huge problem is surprising. In addition to making sure employees are paid fairly, it’s important to help them feel in control of their finances.
It seems that of all employers in Europe with health and wellbeing strategies, just 25% actively take in serious financial well-being, compared to 57% who have as a main focus mental health well-being programs.
Attention employers! The lack of financial health of your employees costs you time and money.
Time for discussions, time for new hires, time for cost analysis…time…time, and then money, lots of money! The cost of absenteeism in a large company can reach several million euros cost.
When employees are physically present but not fully capable of work due to illness, financial stress, or other causes – also costs you a lot, especially in the long run.
It is essential that you look for specialized help in ways you can actively contribute to improving the financial health of each employee.
Employees want help – “nothing” (too) personal
In the last decades, employers avoided offering financial wellness tools because they thought financial issues were too personal for the workplace.
But as it turns out, employees are looking for and demanding solutions.
In Europe, over three-quarters of employees say it is important for an employer to offer financial well-being benefits. About the same proportion feel comfortable receiving personal financial support at work but from a financial professional.
Over 50% of European employees say they would be more likely to stay at a job that offers useful financial wellness programs.
In a country like Romania, so deficient in financial education, the financial health of employees should be a major emergency.
Together, we reduce the financial stress level of your employees. For every concern I also have solutions.
Develop a financial health plan with the help of a specialist.
If you want to run a marathon, how would you prepare so that you don’t run out of breath in the first 500 m? You follow a consistent training plan to be in good physical shape for the race, right? The same goes for financial issues. To help your employees achieve optimal financial health, establishing a plan is essential.
Understand the opportunity for your company.
As with anything else, the first step is to recognize the problem at the organizational level. Financial stress leaves traces, you just have to pay attention to the symptoms. Take the investment in employee financial health as an opportunity. This will translate into productivity, and money, not to mention a healthy brand image.
Bring departments in your organization to the same financial health table!
All employees must know exactly what financial wellness entails. From the HR specialist to the management staff, the success of the program will rely heavily on the support of people involved and involved departments.
The duration of my financial education seminars is approximately 1 hour 30 minutes and 30 minutes reserved for Q&A.
Talk to your employees!
Every organization is different. Your financial well-being programs should be custom-made for your people and reflect their specific financial issues. To identify the right solutions, you will have to listen. Anonymous surveys, focus groups, or more detailed departmental assessments can also help.
Identify and implement solutions with the help of a coach.
The company’s financial health strategy should be based on clear information about almost everything. From saving, budgeting, and debt management to healthy ways to invest money, or even strategies for more social security.
Drive continuous engagement!
A program can’t be effective if employees don’t buy into it, take money off the tabu zone, and measure results. It is important to cultivate interest and action.
Success comes differently for each one of you. Measure success!
An effective measurement strategy would include capturing employee feedback, identifying ways to encourage effective application and use of the information provided, and engagement levels. There must be transparency in communicating objectives and results throughout the organization.
Financial wellness programs can have a huge positive impact not only on employee well-being but also on company-wide retention and even on the brand itself.
Help reduce the financial stress level of your company’s employees. Provide support! Make the first step for long-term financial and organizational well-being!