Helping Your Employees Achieve Financial Wellness
In high school in South Africa everybody needs to take LO, Life Orientation, but the criticism is that Life Orientation in its current incarnation really teaches you very little about life beyond the schoolyard. You don’t learn how to file your taxes, you don’t learn how to balance a chequebook, you don’t learn how to go about applying for a vendor’s license, how to apply for a tax number, or, apparently, how to manage your income so as to achieve a state of financial wellness and provide for yourself in the future.
Studies have shown that the majority of employees, even those who make enough money to theoretically support themselves in their retirement, are concerned about money, and list money and expenses as one of their primary sources of stress. What can you as an employer do in order to help your employees understand their financial health better and help them on their way to achieving financial wellness?
Teacher, teacher, teach me more
As a successful business owner your knowledge could go a long way towards bridging the gap. That is not to say you need to host formal classes or provide seminars on financial planning, retirement planning or the like (although if you’d like to, most employees would certainly benefit from it), but it does mean you could be helping your employees relieve some of the pressure by addressing some of their key financial concerns.
I need a doctor, call me a doctor…
Even though you may not be legally obligated to offer your employees any kind of health benefits it makes moral and ethical sense so long as it also makes financial sense. By taking some of the financial burden of illness and injury of your employees you relieve even more stress; allowing your employees to work harder, faster and more efficiently.
The Golden Years
Helping your employees prepare for retirement will relieve a lot of stress and leave your employees ready to perform at optimum capacity. Whether this means your matching contributions to an RA or other retirement fund, or facilitating an automatic pension fund through withholding a certain percentage of their monthly income and holding it in trust; helping your employees feel secure about their financial future will go a long way toward ensuring they attain financial wellness.
Remember, Financial Wellness is just one step toward whole-body wellness. Help your employees beat the stress and take the first step toward financial wellness and increased productivity today.
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