There are 4 things you need to improve the financial well-being of employees, starting with:
- establish a financial diagnosis;
- having a qualified team to plan and put the plan into practice;
- calculate a good budget for financial well-being strategies;
- offer a good remuneration and benefits package.
Do you want to know about each one of them? Read on!
The companies invest in employee motivation for different reasons. However, the increase in productivity and quality of life are elements in common in this equation, regardless of the organization.
After all, these elements easily contribute to maintaining a harmonious and high-performance work environment.
However, there are features that are capable of undermining productivity. And some of them do not directly influence the work environment: they happen at home, like the financial stress.
The problem is quite common today. That's why we thought about this post, with 4 things you need to improve employees' financial well-being. Thus, you can attest to how valuable the quality of life is for the development of your brand.
Reasons to invest in employees' financial well-being
We highlight, above, some situations that cause different problems – and in multiple layers – in the corporate day-to-day, impeding productivity and the collaborative spirit.
One of the main ones is financial stress. When accumulated, the individual arrives at the irritable work environment, without concentration or motivation to work, and there is a serious risk of create conflicts with colleagues.
It is easy to say, however, that personal problems must be left at home. The key question is: in Brazil alone, 63 million people are in debt. A very high number.
As a consequence of this, more people have problems in common, and that question their way everyday – from small to big decisions in their routines.
This is not a situation that is accompanied by a push button. “Turn on and off”. O financial stress follows the indebted ones like a shadow, and this interferes with the company's productivity.
In addition, it is important to highlight how much the company benefits from this type of attitude, aiming to take the lead in helping its employees. When done strategically, this measure can:
- increase productivity (individual and collective) in the company;
- generate fewer absences from employees – such as absenteeism and presenteeism;
- bring the management of employees closer through empathy and the resolution of this type of conflict;
- more engagement and motivation of professionals;
- less expenses (direct and indirect) with dismissals due to the low performance of employees;
- fidelity, contributing to the retention of talents;
- attraction of talents, since such actions sound very good in the perception of the general public, as well as with its partners, suppliers and customers.
Therefore, attention to something fundamental: there are many things you need to improve the financial well-being of employees. And most of them must be considered in a planned way.
4 things you need to improve employees' financial well-being
Below, we will indicate the most assertive way for your company to start this type of planning. Check with us the 4 things you need to improve employees' financial well-being!
1. Make a financial diagnosis
A fundamental part of the process of understanding what things you need to improve the financial well-being of employees, the diagnosis corresponds to the identifying a common problem.
For example: its staff may have many first-time fathers and mothers, suffering from the logistics of balance personal and professional life, as well as the costs of that journey.
Thus, through focal actions, the company releases a good part of these stress. On-demand payment, for example, gives your employees the flexibility to buy hygiene products or medicines without depending on the overdraft when the next paycheck is still a long way off.
Thus, it is essential that the work begins by getting to know your audience and, thus, generate the best planning. Some tips for doing this:
- individual meetings with the teams (or their collaborators, if they do not feel comfortable exposing their financial challenges in front of colleagues);
- surveys sent by email.
Both solutions help to design a approximate profile, so that HR seeks the most impactful solution – in a positive way – for the entire company.
2. Have a qualified team
Will implement a financial welfare program? So, make sure that you have the best professionals available for the job.
After all, there are many things you need to improve the financial well-being of employees. If the solutions are not thought out strategically by specialists in the subject, the results may be delayed or even appear.
3. Calculate a good budget for financial well-being strategies
Financial well-being programs are, above all, investments. Hence, the importance of dedicating a value based on the initial planning and then directing it to the best actions.
Keep in mind that this value is returnable in productivity, diligence, loyalty and boosting your company's reputation in the short, medium and long term.
The relevance of this is significant today. Many companies have understood that the best way to harmonize the work environment is by increasing the satisfaction, well-being and quality of life of professionals.
4. Try to offer a good remuneration and benefits package
Finally, our last tip among the things you need to improve the financial well-being of employees: plan everyone's career.
A career plan is essential in the process, as it serves as a “treasure map” for employees to ascend professionally and thus improve their monthly income.
The benefit package is another important aspect. Many professionals make their decisions based on the benefits offered, and it is more and more common, on the market, to use a flexible package.
Thus, each employee builds his package based on his goals and needs. Just remember to be careful to compose a plan that is balanced and attractive for all profiles.
Based on these tips, you are already on top of all the things you need to improve the financial well-being of employees and generate good incentives for all teams !.
Now, we like to say that it is your turn to move around in this game: start sharing this post on your social networks, and mark your co-workers who will also make good use of this information!