Human Resource Managers and company Directors should be aware of the link between their employee's financial wellbeing and their job performance. Staff that have poor financial security and freedom are more likely to:
Experience financial stress which can significantly impact an employee's ability to focus and perform effectively at work.
Be absent from work due to stress and anxiety.
Engage in conflicts of interest or breach company policies when incentivised financially to do so.
In 2024, we are seeing extremely elevated levels of financial stress as inflation and interest rates rise at levels far beyond salary increases.
So, what can Human Resource Managers and company Directors do to improve the Financial Wellbeing of their staff?
At Source Wealth, we offer Financial Wellbeing Programs directly to businesses.
These are typically scheduled during a lunch break as a 'lunch and learn' session. Think of it as a 'Financial Planning 101' session which covers all of the important things to help people improve their financial literacy and wellbeing. The topics typically include:
Goals Planning
Cashflow management tips to help save more each pay-packet
How to decide where to allocate savings (for instance, into savings, investments, debts or superannuation)
Life Insurances (and income protection)
Estate Planning
Employee Share Schemes (for certain industries)
Salary packaging (for certain industries)
Succession and retirement planning (for certain industries)
Through these Financial Wellbeing sessions we can help ensure staff have a base level of financial literacy and an impartial professional to turn to for help.
If you think your staff could benefit from this service, reach out at michael@sourcewealth.com.au
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