Four ways employers can promote financial wellbeing in the workplace
19 Oct, 2022

Four ways employers can promote financial wellbeing in the workplace

Bertie Nel, Head: Financial Planning & Advice at Momentum

In a post-pandemic working world there is an understandably more pronounced focus on holistic wellness, especially in the workplace. More and more companies are trying to ensure their employees live a healthy and balanced life.

According to Bertie Nel, Head: Financial Planning & Advice at Momentum, the world faces a financial crisis with skyrocketing inflation and cost of living, which has become unsustainable for many. With that in mind, companies are now homing in on benefits focused on the “whole” employee which should include their financial wellbeing.

National Bosses Day celebrates employers who consistently go the extra mile to create an inclusive work environment by promoting a healthy work culture that supports good physical and emotional health. According to Nel, financial wellbeing should also be a pillar of holistic wellbeing.

“South Africa is facing a cost-of-living crisis, people are struggling to keep their heads above water. This is an opportune time for companies to consider offering benefits that promote financial wellbeing alongside the traditional retirement and insurance benefits most South African companies already offer,” says Nel.

Employees that are financially secure and feel their employers care about their financial wellbeing are likely to be happier in the workplace. “Many employers think that paying an employee a good salary is what makes a good employer but that is just the tip of the iceberg,” Nel, says.

Nel also believes that the reason talent jumps from one employer to another, is that employees experience a lack of safety, attention and care from their employers. This results in employees regarding employers to be less than empathetic about their overall wellbeing.

In today’s economy, an employer that takes financial wellbeing as seriously as mental and physical health will be seen as a trailblazer; retaining and attracting talent in the process.

According to Nel there are four ways employers can form part of a new culture that promotes financial wellbeing and puts their employers at the centre of their success:

Tip 1: Give employees access to financial education tools

Many employers already offer access to courses and training programmes. Why not include courses focused on financial wellbeing education?

“Employers can show they are invested in their employees’ financial wellbeing by ensuring all employees have access to quality financial education. Employees of employers that belong to Momentum Corporate’s comprehensive retirement and group insurance solution can attend educational webinars and have access to retirement benefit counsellors,” Nel, says.

Tip 2: Help employees get out of debt

Another good way to expose employees to financial education is to have a debt counsellor on call. The debt counsellor can come to the office monthly to answer burning questions employees might have.

“Employees can also access their credit reports. According to the National Credit Act, consumers are entitled to a free credit report once a year from the relevant credit bureaus. For example, FundsAtWork members have access to an employee assistance programme at no cost where they can get debt assistance,” says Nel.

Tip 3: Encourage employees to stay away from new debt

With the cost-of-living crises and the rise in inflation, it is important to scale back on debt. “Encourage employees to avoid making new debt and encourage them to cut out unnecessary expenses where possible,” says Nel.

Tip 4: Encourage employees to consult financial advisers

Giving employees access to financial advisers and bankers is one of the best ways to impart financial advice.

A financial adviser will establish each employee’s financial and investment goals, practical ways to avoid debt traps and setting up a sound budget.

Access to an accredited financial adviser will better equip employees to make healthier financial decisions and in so doing, create a more beneficial work culture and environment.

To attract high-quality employees (and retain them), companies must appeal to the modern-day employees who strive to live well holistically.

“I encourage all managers to help employees live financially more secure lives. Ultimately, guiding employees on their journey to financial success is also good for business”, Nel concludes.



Website | + posts
Share on Your Socials

You May Also Like…


Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!