| BENEFITS derived from increased employee financial literacy
And all aspects of personal well-being are tied to financial well-being.
Improving employee financial literacy is a win-win for both the employee and the organization. Here are two compelling reasons why every organization in India needs to help their workforce improve their understanding of finances.
Only 2 out of 10 indians have an adequate understanding of finances*
Owing to this, millions of well educated individuals fall prey to bad advise, invest hastily, and commit the same financial mistakes year after year.
The rampant mis-selling of financial products
A 4-year Harvard led study spoke about the extensive mis- selling which occurs in the Indian financial market due to agents and advisors being driven primarily by commissions. **
BENEFITS TO HR AND PAYROLL from improved EMPLOYEE financial literacy
Reduced overhead for HR & Payroll
A significant overhead for any HR department are queries related to insurance, taxation, salary and tax-saving.
This workplace wellness program helps significantly reduce this overhead as employees become much more educated on all aspects of investing, insurance and taxation. This directly leads to reduced support loads.
A truly altruistic demonstration of employee welfare
Due to the topic of finances being so critical, this program directly impacts the well-being of your employees well into retirement.
Better design of incentive programs
A deeper understanding of investment options and taxation in India will help payroll teams craft better compensation and benefit structures, and more compelling employee incentive programs.
High impact, high RoI
Due to the field of finances being critical to overall well-being, the program immediately and positively impacts the lives of all its participants well into retirement.
When it comes to training programs, the return on investment for this program is hence extremely high.
ORGANIZATIONAL BENEFITS of improved Employee financial literacy
A Less stressed workforce & Improved Productivity
Studies show that employees who know how to invest their money well tend to be less stressed compared to those who don’t.
This is also known to reduce absenteeism, and increase productivity, as employees find it easier to focus on work.
In the wake of news of constant financial news, financial distress is known to reduce productivity, and undermine employee health.
Conducting such a program helps your workforce set aside their financial anxiety, thus allowing them to focus better on work.
Increased job satisfaction
Job satisfaction levels of the workforce is also known to increase since employees appreciate the organization for providing an unbiased financial wellness program that is hard to find otherwise.
HIGHER BUSINESS AWARENESS
Employees will be able to make better sense of business and market financials.
A competitive edge
All employees care deeply about making better decisions for their salary. Providing your workforce with the tools and the knowledge seen as a competitive edge.
Increased employee retention and engagement
Studies indicate that organizations which offer financial wellness programs and resources to their employees have
- Higher employee retention
- Increased employee engagement