- Building Tomorrow’s Leaders, Our Journey of Unlocking Potential
At Gisborne Engineering, we’re not just focused on the work we do; we’re dedicated to the people who make it all possible. Today, I’m going to share an initiative that underscores our commitment to personal development and growth—our Financial Wellness Program.
Financial stress can significantly impact an employee’s well-being, leading to decreased productivity, increased absenteeism, and reduced job satisfaction. By offering a financial wellness program, we demonstrate our commitment to supporting employees’ holistic well-being, helping them manage financial challenges and improve their overall quality of life.
Here’s why we’ve invested in this initiative and what it means for our team:
- Absenteeism and Lateness: One study found employee financial stress caused a 34% increase in being late or absent from work. Employees with money worries miss 3.5 workdays per year, almost double that of employees with Financial Wellness. Employees with financial stress are 2x more likely (42%) to be looking for a new job than those without.
- Retention and Engagement: Employees who feel financially secure are more likely to be engaged and committed to their work. By providing resources and support to enhance their financial literacy and stability, we increase employee satisfaction and loyalty, reducing turnover rates and retaining top talent within the organization.
- Productivity and Performance: Financially stressed employees may be distracted or preoccupied with personal financial issues, leading to decreased productivity and performance. By addressing these concerns through a financial wellness program, we help employees focus on their work, leading to higher productivity and better business outcomes for us and out clients.
- Employee Morale: Offering a financial wellness program demonstrates that we care about our employees’ financial well-being beyond their role in the organization. This can boost morale and create a positive work environment, where employees feel valued, supported, and motivated to succeed.
- Overall Business Success: A financially stable and engaged workforce is essential for the long-term success of our business. By investing in our employees’ financial wellness, we not only improve individual outcomes but also contribute to a more resilient and sustainable organization. The Consumer Financial Protection Bureau (USA) said employers typically see a return of $3.00 for every $1.00 spent on a Financial Wellness Program.
To deliver our financial wellness program, we are partnering with Jeremy Hoskin from Super-Advice to deliver their ‘Financial Wellness in the Workplace’ program. This comprehensive program covers essential steps to financial well-being:
- Create a Budget: Self-serve or with an adviser.
- Build Your Mini Emergency Fund.
- Destroy Your Consumer Debts.
- Build Your Full Emergency Fund.
- Build Wealth.
- Property:
- Getting onto the property ladder for non-homeowners.
- Homeowners, smash the mortgage.
We have two main goals with our Financial Wellness Program:
- To help employees achieve an improved state of financial well-being and ultimately happiness.
- To achieve employer goals such as improving productivity, raising morale, and reducing turnover rate.
By investing in the financial health of our team, we are building a stronger, more resilient organization.
This is part of our journey of unlocking potential, building tomorrow’s leaders today and investing in our local community.
#GisborneEngineering #TeamDevelopment #FinancialWellness #EmployeeWellbeing