The last couple of months have been a stressful time for all Australians, but particularly for those workers in the health and aged care industries and those affected directly or indirectly by job cuts or financial stress.
Many employers will have seen this stress having an impact on your staff’s wellbeing, as well as on their performance.
While it’s difficult to ease the stress placed on your workers from COVID-19 and its effect on the economy, there is a way employers can help manage stress in other areas.
Employee wellbeing programs
Employee wellbeing programs are one of the most important tools any business can have in making sure their workforce is present, engaged and productive.
Workplaces where health and wellbeing programs are implemented had sick leave decreased by 25.3%, worker compensation costs decreased by 40.7% and disability management costs decreased by 24.2%^1.
The role of financial education
An important element of any wellbeing program is financial education, with financial stress being the leading stressor among Australians^2. A lack of financial wellbeing is also associated with low levels of engagement and reduced productivity, including discretionary effort 5 times lower amongst those with financial worries^1.
Australian employees who are financially stressed spend more time dealing with finances at work, 25 hours more on average per year, than those who are financially secure^3. This amounts to a significant decrease in productivity.
Giving your staff access to financial education programs that allow them to make the right financial decisions not only delivers great outcomes for your employees but has a direct impact on the effort you get out of them.
Financial education from a trusted source
We endeavour to make financial education accessible to all our members, up until Covid-19 we did this through evening seminars that were hosted right around Australia. We covered topics like planning for retirement, women in super and much more.
In response to the current situation, and the increased need for financial education and advice caused by the virus, we took our evening seminar program online in the form of webinars that are free to access for members and non-members alike.
Every week there are a range of topics to register for, including planning for retirement, managing money and debt and protecting your wealth. Each session is presented by an experienced financial educator and there are moderators on standby to answer questions from other participants.
First State Super’s webinars are all free to join and participate in, so if your organisation wants to add high-quality financial education material to its wellbeing program, feel free to