Financial Planning is preparing for expected and unexpected financial needs of your life.
Do you realize that?
Employees' loss of productivity and effectiveness due to financial stress can significantly impact your organization's performance and growth!
Here are a few pointers...
"64% of UAE employees now say that money concerns have become a more important issue for them over the last two to three years.
59% of UAE employees say they worry about their future financial status, compared with 52% and 45% of employees in developed and developing countries, respectively."
- Willis Towers Watson’s 2017 Global Benefits Attitudes Survey on Financial Wellbeing in the United Arab Emirates (UAE)
Until recent times Financial health was addressed in isolation, and not as an indispensable part of one's overall well-being.
But now we are slowly but surely realizing that financial well-being is essential to the overall success of an individual.
As it significantly affects all other areas of their life, like;
Lack of financial well-being can significantly affect your staff's performance and efficacy at work.
Being unproductive at work due to financial stress can have a compounding negative impact on their finances; pulling them into a tailspin.
It impacts not only them but also affects other staff and the organization as a whole.
According to the CFPB Report 2015Financial well-being can be defined as a state of being wherein you:
Have control over day-to-day, month-to-month finances;
Have the capacity to absorb a financial shock;
Are on track to meet your financial goals
Have the financial freedom to make the choices that allow you to enjoy life."
In 2016, CIPD began a new piece of research on employee financial well-being, with an aim of promoting healthy workplaces for the long term.
This report will be of special interest to Employers, HR professionals, Policymakers, Finance professionals, and many more...
The highlights of this report are as follows;
Click here to read the detailed report
As an employer, you can play a huge role in creating Financial Awareness among your employees through mediums like;
Employee benefits like a Pension Plan, good Health Insurance, or school/college fees reimbursement can not only increase employee loyalty but also improve focus, productivity, attendance, and attracts new and creative talent.
Click here to arrange a free consultation for setting up a Group Pension Plan or Group Medical Insurance for your organization.
Given that only 33 percent of UAE residents have a formal retirement plan and the gratuity payment alone cannot help them afford a decent retirement, many employees are stressed about their future.
Many employees are also stressed about their current financial situation because of debt or an increase in expenses due to family or other emergencies.
Employers with the help of their HR teams can play a significant role in enhancing the financial well-being of employees by creating awareness, introducing best practices and useful financial tools.
Helping employees improve their financial situation can change the work atmosphere for the better, with marked improvements in productivity, efficacy and reducing employee turnover.
As an Independent Financial Advisor, I can help you create financial awareness among your employees via in-house seminars, exclusive newsletters, and blog posts.
Clcik here to have an expert call you and schedule a free seminar for your employees
Author, Blogger & Independent Financial Advisor. My goal is to give you actionable tools for creating passive income and building wealth. More than 10,000 expats have already used my ideas to jumpstart their journey towards financial independence. Connect with me to start yours...
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