How To Help Improve The Financial Wellbeing Of Your Workforce
You’ve read why employers should care about the financial wellbeing of their workforce in our previous blog, and now you’re ready to act and take the next step? You’ve come to the right place.
Your business might already support and aid your employees in the physical health and/or mental health department, however as we discovered, addressing financial wellbeing should be at the top of an employers list.
This is exactly why, with the help of MAX Solutions, we’ve listed some practical steps, and initiatives your business can implement to help support the financial wellbeing of your team:
Education
Education is key in preventing your staff from finding themselves in a difficult financial situation (or worsening their current state), particularly younger employees.
Employers can provide educational opportunities to employees in various ways – e.g., providing access to free finance workshops and/or webinars.
A number of superannuation funds offer free workplace finance and education programs, often offering one-on-meetings, online education, resources and tools such as budget apps.
Chat to your superannuation fund about what they can offer to your workforce.
Employee Assistance Programs (EAPs)
For any business that cares about the wellbeing of their staff, an Employee Assistance Program (EAP) will most likely already be available in the workplace.
Although widely recognised for their mental health and counselling services, a number of EAPs, including Akyra’s EAP Partner MAX Solutions, also offers confidential financial counselling and advice to employees and their families.
Confidentiality is a key part of an EAP, as we all know, those in a financial pickle, are more likely to suffer alone, too scared or embarrassed to talk to anyone. Having access to independent and confidential advice could be a gamechanger for an employee going through financial hardship.
A number of EAPs, such as MAX Solutions, also deliver workshops in the workplace.
Savings Initiative
The hardest part of changing any behaviour, including saving and budgeting, is reducing the friction.
To help employees save for a rainy day, or unexpected expenses, businesses could consider implementing and encouraging a saving initiative, automatically processed through payroll deduction.
Although encouraging a savings initiative is valuable in itself, some employers may go the extra mile and offer incentives such as a cash sign-up bonus to the program, or match contributions to a certain amount (e.g. $40 a month).
Salary Packaging & Novated Car Leasing
Although each individual circumstance is different, offering salary packaging is an effective way to help employees pay for their car or other items in a cost and tax-effective way.
NEED MORE INFORMATION?
Akyra can help your business to assist and support all your questions and concerns related to employee wellbeing. Please contact Akyra on 07 3204 8830 or book a free 30-minute consultation for an obligation-free conversation.
Disclaimer – Reliance on Content
The material distributed is general information only. The information supplied is not intended to be legal or other professional advice, nor should it be relied upon as such. You should seek legal or professional advice in relation to your specific situation.
