Employers are increasingly focusing on staff wellbeing to boost productivity, workplace culture and retention. But have you considered how (and why) to address your team’s financial wellbeing?
Modern business leaders recognise that ‘work’ and ‘personal’ are no longer separate entities: the two are inextricably linked. We take work pressures home with us and personal issues inevitably follow us to work.
One of the biggest stresses of all can be money. Could you achieve your best work if you’re facing the prospect of debt collectors beating down your door when you get home? Unlikely.
Just as with safeguarding employees’ mental and physical wellbeing, so too are there benefits from
protecting their financial wellbeing. Here’s a guide on doing exactly that.
- Create a safe zone
Discussing finances can be confronting for many people – especially women. Concerns can be
compounded by issues such as addiction, mental illness, or domestic violence.
These problems often mean the workplace is a safer space in which to open up about financial
worries.
Harness the opportunity to do good for your employees by ensuring the workplace is that safe space
in practice, not just in theory. Implement a professional and structured approach to facilitating these
discussions.
An employee assistance program (EAP) or trained counsellor can offer additional support should
such issues arise. - Provide education resources
Just as you may bring in external people to facilitate workplace training, the same can be done here
with a licenced, reputable financial adviser. They can deliver team presentations on the basics and
then be available for one-on-one appointments for tailored discussions.
This is a great way of connecting individuals with relevant professionals, who they may struggle to
connect with on their own.
Providing reading materials for self-education is another option. For example, one company gifted
copies of my book to employees, empowering them to learn more about money management for
themselves.
Other free resources you can highlight include the government’s MoneySmart website, for example,
which has tools including a budget planner and a mortgage calculator.
- Build strong foundations
A business is built on good foundations, including a business plan. Yet the majority of people don’t
take the same approach with their own finances.
I generally advise looking at the following as a basis for building wealth and financial security:
● Superannuation
● Estate planning
● Insurances
● Spending and investment plan
● Emergency fund
Getting the foundations right safeguards against things crashing down in a crisis (such as when a
global pandemic hits or the next big hiccup!). - Discuss superannuation
Speaking of superannuation, it tends to be the easiest aspect of finances to discuss in the workplace,
given that we earn super from employer contributions.
Consider incorporating a super check-in as part of your onboarding process for new employees, to
ensure current and future contributions work hard for them to look at their investments and
determining whether they have adequate insurance cover before they make a big mistake
consolidating funds.
For existing employees, annual reviews or salary increases can be a good time to broach the subject.
Checking in regularly allows them to see if any tweaks are needed or if they may be eligible for co-
contribution incentives.
- Make it permanent
Financial issues surface throughout our working lives and change according to major life events:
getting married, having kids, being made redundant, changing careers, etc. So, a one-off discussion
about money management won’t solve everything.
The key is to provide ongoing support and education about finances to ensure continued learning
and development, just as you would any other type of training.
Not only will employees be better off personally, their new-found money skills can be put to use at
work too!
Note this is general advice only and you should seek advice specific to your circumstances.
