Workplace financial education

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What if someone promised you—the

employer—a plan to achieve the following…

• Increased worker PRODUCTIVITY

• REDUCED ABSENTEEISM

• Fewer WORKPLACE ACCIDENTS

• Improved satisfaction with COMPANY

BENEFITS

• Reduced HR & Admin COSTS

•Reduced ATTRITION

• Reduced PRESSURE to increase salaries

• Increased MORALE

• Work satisfaction and LOYALTY to employer

Most employers say…

WOW!!!We simply call it the…

Wonders of Workplace Financial Education

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.

– William Arnone, Ernst & Young

The Employer needs a workforce

of financial independent people

who want to work and choose to

do so!

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.

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.

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.

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.

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

AttritionCauses and solutions

A Financial Education Perspective

Why is attrition high?

•Don’t like the boss•Don’t like the work•Family based reasons

The Prime Reason for Attrition

Income not enough

NASSCOM

• Majority of job shifts in IT & ITES

companies (~60%) are for 10 to 15%

increase in salaries

Monetary Benefits are

NEVER ENOUGH

• Increase salary

• Increase incentives

• Offer ESOPs

What happens when employees are financially educated?

•Informed

decisions

•Ability to

avoid pushy

sellers

EMPOWERMENT

Better understanding & appreciation

of company benefits

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.

You????

Workplace financial education

Business

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