Prospering organizations that care for employees’ financial pains

by Admin

A company runs on its employees. Hiring an efficient employee gives a company its resources and leads it to success. But what does a company do to keep its workers engaged in the work they are delivering? It is essential to see that a person who is serving the organization every day must be respected, cherished and helped with whatever difficulties they are going through on a daily basis. An HR official should be the concerned person for keeping all of this in mind so that all the employees of an organization are fulfilled within their workspace and are in tandem with the employer and the company. To achieve that more and more companies practice EEP or Employee Engagement Programs to help the employees cope with their work-related stress and keep them motivated and dedicated to the company.

The wellbeing of a worker is vital for a company for numerous reasons. It not only caters on a professional basis but it also affects the employee on a personal level. If the employee is content in his/her company, they express more productivity, less absenteeism, helps with the innovation process, apply sound business practices and bring more business to the company. In personal front also they are seen to be happier with lower stress levels, good relationship status and better health and financial practices.

 

A company or the Human Resources department associates dedication of the employees to the company by implementing many programs or events that help them bond or relate to the enterprise. Be it parties to celebrate a personal or professional achievement, skill development programs to help them build confidence with their work-related expertise or physical and mental healing sessions for the workers to help them deal with all the office or any other stress that builds up within them. But it is seldom seen that corporates or employers give any effort to build financial security or financial wellness program for their employees to make them financially fitter.

Money is the fundamental need of any human being, and when it is appropriately addressed, the employees tend to make further right money decisions within their professional as well as the personal arena. Financial matters play a pivotal role in making or breaking a worker’s interest in the company. In today’s world, money is one of the most precious things that keep a person motivated. The more a person earns, the more satisfied they are with their lives. But it is also to be noticed that most of the employees rarely know much about the management of their money. The moment the salary gets credited they seem to spend it within the first two weeks and the remaining month goes in the stress of not budgeting or saving it. Learning to allocate money resources efficiently, preserve and grow money can help the employee to find complete satisfaction in whatever they do.

 

Research shows that financial worries affect the workplace. Around 60% of Indian employees’ long-term concerns are related to money, out of which 25% are highly struggling with their current financial situations. Also, 75% of employees are struggling with high-stress levels due to financial problems. 52% of employees also think they are less effective at their work due to financial problems. This shows that  employees are, Twice as likely to report high personal stress; 1.5 times more likely to report poor health;  Likely to lose almost 5.5 days of work each year; and Twice as likely to leave for another job due to financial or money related problems in their lives (Willis Tower Watson, 2016).

However, companies are lacking behind to understand the importance of this intervention with their employees that prevent their issues with this ever-growing problem. Hence they tend to suffer from loss of productivity and employee satisfaction, which most of the times lead to even worse situations among employee like getting broke, depression and job stress, lack of satisfaction and interest from work and job, loss of work ethics and even resignation or firing of the employee. Money fit employees can be a great asset to the organization, and they can make good money decisions at their homes making them happier in their personal lives further making them more satisfied and dedicated to work and job. Also, employees when learning how to make brilliant money decisions will implement best practices to run well and do well on every company profile and will always work towards the financial growth of an organization.

 

The need of the hour for corporates and organizations at this point of time is the inclusion of a financial fitness platform into their Employee Engagement Programs. Apart from the other programs, this will not only educate the employee about correctly handling their finances and help in their financial betterment but also make the workers feel that the company genuinely cares about them by instructing them about the safekeeping or wellbeing of their money-life.

 

EEP is the most sought-after need that should be implemented and practiced by companies and corporates. It helps with employee satisfaction on a smaller scale, but on a more significant level, it helps in bringing profit to the organization that covers everyone from the employer to the employee. And the target of an employee engagement program about financial literacy is to help the company care about them and in return would only help the company grow bigger and better in the long run with satisfied employees who are money fit.

 

Reference:

A growing interest in employee financial well-being in India Insights from the Global Benefits Attitudes Survey 2016 by Willis Tower Watson. ( https://www.willistowerswatson.com/-/media/WTW/PDF/Insights/2016/07/a-growing-interest-in-employee-financial-well-being-in-India.pdf )

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