ImPower for Employers

Financial wellbeing for your employees

happier employees – increased productivity – attract & retain staff

The stats

Research around the world highlights the importance of personal finance for employees.

 

productivity

57% of employers in the US say that they believe financial education within the workplace boosts productivity.

Source: Financial wellness at work, 2014

 

 

Investment Return

300% typical ROI for employers who fund comprehensive financial education in the workplace

Source: The business case for financial education, E. Thomas Garman

 

Time off

20% of American employers have taken time off work to attend to personal finance issues.

Source: Financial wellness at work, 2014

 

Stress

36% of Australian employees were either ‘struggling’ or just ‘getting by’ according to a 2018 study. Over one in three of your employees will experience heightened levels of stress as a result of their financial situation.

Source: Financial Wellbeing: A survey of adults in Australia, April 2018

 

 

Some of the Benefits

A US perspective

Companies in the US who embrace financial wellness in the workplace have experienced a number of benefits….some of them quite unexpected!!

 

Signs of financial stress

Indicators your employees need help

Employee approaches company for a pay advance

This is a common occurrence – and indicates poor personal financial management. The employee may benefit in the short term from a pay advance, but, in the long term, they will keep asking. Best to try and provide them with help to “break the cycle”.

Employee spends excessive time on private business during work hours

Sometimes you know – but often you don’t. But the effect on their productivity – and on the productivity of those around them – can be enormous. This is a cost to your business. Let them know that you can provide access to professional help. Once again it is about “breaking a vicious cycle”. We refer to a condition called “presenteeism” where the employee is at work physically, but absent mentally and emotionally. This has a significant impact on their productiveness and their engagement.

Employee displays a sullen mood which is attributed to personal difficulties

Every employer wants happy employees. And employees who are sullen cast a large shadow over the workplace. By helping those employees to address the cause of their negative mood, all their colleagues will be grateful. But, make sure that the help provided really fixes the problem at its cause.

Employee does not socialise at work

Employees with personal financial issues will often not socialise at work – because they are embarrassed to talk with their workmates. So, the work environment is adversely impacted. It may turn out to be a simple fix – or it may be more complex. Either way, the organisation will benefit from addressing the problem.

Employee does not make good use of other employee benefits which the organisation provides

Your organisation spends a lot of money on employee benefits. Whether it is KiwiSaver (mandatory) or health insurance (optional), you want your employees to understand the real value of what your organisation provides. If the employee does not enjoy good financial wellbeing, they are less likely to appreciate the value of what you do. By improving their financial capability, you create a “virtuous circle” – everyone wins.

Employee is nearing “retirement” and displays a lack of confidence about this stage of their life

When an employee has spent over 40 years in the workplace – being productive, being valued, and being paid – a change to that situation can be daunting. And one of the most common things we find is that employees approaching retirement don’t fully understand their situation. Without a good understanding they have less chance of enjoying their retirement – a great shame when it should be a “golden” period of their life.

Employee is involved in a relationship breakdown which is impacting on their ability to concentrate at work

Relationships do break apart – fact! And when they do there is a massive impact on the individuals involved. If they happen to be employees of your organisation there are likely to be adverse impacts in the workplace. Ensuring that employees continue to manage their financial wellbeing through such a break-up is really important. There are many issues to consider – and the individual won’t always be able to work it out for themselves.

Employee has an above average amount of absenteeism

Absenteeism can be a sign that all is not well in the employee’s world. It may be “covered up” by sickness, but, unless there is clear medical evidence, there is probably something else going on. This may be financially related. And, of course, absenteeism is measured, while “presenteeism” is not!

Employee is continually complaining that they are not paid enough

Many people think that more money equals more happiness. But research shows that employees with high incomes have as many financial issues as those earning less. It is not how much you earn which is important – but the financial decisions you make when allocating that money. We can help to adjust employees’ thinking – and assist them to make better decisions about how they allocate their money today – and how they plan for the future.

How we can help

Financial wellbeing in the workplace

How can ImPower help?

We are qualified, experienced financial wellbeing specialists who work only for you and your employees and in your best interests at all times. No conflicts.

 

ImPower can –

  • Understand your needs and constraints.
  • Introduce employee financial wellbeing into your value proposition
  • Help you to stand out from the crowd by providing a unique benefit that reinforces how you value your employees and their ongoing wellbeing
  • Reduce the time spent by managers on employees’ personal financial issues
  • Provide support and counselling services during employee transitions – e.g. redundancy

Impower Solutions for employers

  • Customised financial wellbeing programmes.
  • One on one private employee consultations to provide personalised advice.
  • Group presentations to employees (to create general awareness) tailored to meet your objectives.
  • Group workshops on particular topics carefully designed to address the issues faced by your employees.
  • On site clinics (we come to your workplace and employees pre-book appointments)

Business Case

Tangible, measurable results

Is there a business case for providing financial education for employees?

The simple answer is YES! There is strong evidence that employees who are in control of their personal financial situation are more effective and more efficient at work.  

The business case for financial education in the workplace

Research around the world shows that there is a 300% ROI for employers who invest in financial education in the workplace. Use the form below to download our complimentary report on some of the key findings.

 

Talk to us about your needs

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