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⢠Improved satisfaction with COMPANY
BENEFITS
⢠Reduced HR & Admin COSTS
â˘Reduced ATTRITION
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⢠Reduced PRESSURE to increase salaries
⢠Increased MORALE
⢠Work satisfaction and LOYALTY to employer
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Most employers sayâŚ
WOW!!!
We simply call it theâŚ
Wonders of Workplace
Financial Education
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The definition of workplace financial education
that I would use is: to help employees develop
skills to make informed choices and take
action to improve their financial well-being.
â William Arnone, Ernst & Young
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The Employer needs a workforce of
financial independent people who
want to work and choose to do so!
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So what does the employer do?
⢠The Answer to more productive employees is
not to give them more money.
⢠The Answer is to increase both employee
productivity and employer profitability by
offering a comprehensive workplace
financial education program.
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Benefits of Workplace Financial education
Improved
productivity
through lesser
employee
stress
Giving employees access to financial education will help them overcome financial stress by
better managing their personal finance, reducing credit card and loan debt and saving more
money. Thus helping them concentrate better at work and add more value to the
organization. Better productivity directly implies better bottom-line growth for the
organisation.
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Improve
Retention
-Reduce
attrition
Financial education can help your employees understand that little
extra money alone cannot improve financial well-being. Once they
realize this there will be lesser inclination to change jobs and also
reduced pressure on your HR function for salary hikes.
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Cut down
on HR &
Admin
costs
If your employees are well informed about financial decisions there will be lesser queries to your
HR/Personnel/Accounts department for help on issues related to Taxation, Pay scale benefits etc.
Thus these departments can focus better on their core competence.
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Higher
Employee
Morale
⢠Improved financial health produces greater concentration, creativity, more
positive outlook towards life. As employees gain control of their financial life
they become more competent on the job. Thus improving overall employee
morale
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Why is attrition high?
â˘Donât like the boss
â˘Donât like the work
â˘Family based reasons
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NASSCOM
⢠Majority of job shifts in IT & ITES
companies (~60%) are for 10 to 15%
increase in salaries
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Monetary Benefits are
NEVER ENOUGH
⢠Increase salary
⢠Increase incentives
⢠Offer ESOPs
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What happens when employees are financially
educated?
Better
understanding
& appreciation
of company
benefits
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The smartest employers today are broadening
their perspectives about financial
education. A growing number of employers
are offering comprehensive financial
education. This emphasizes helping all
workers make good decisions about personal
finance. And for those who need it, smart
employers also are helping workers with
money problems learn to overcome the
obstacles.