In a labour market that is stretched thin, and with employees and job seekers holding the power in many employment negotiations these days, Australian businesses are seeking new ways to improve their attraction and retention of great staff – with Workplace Financial Advice often forming a key part of that strategy. If you’re a business owner that employs staff, read on to discover some of the key benefits that a tailored Workplace Financial Advice program can bring.
Creating a Supportive Work Environment
A workplace financial advice program is more than just an employee benefit; it’s a statement about your company’s culture. By offering such a program, you are demonstrating that you value your employees as individuals, not just as workers. Taking this approach contributes to a more supportive, inclusive work environment, and employees feel more valued and respected – boosting morale and job satisfaction. In turn, when people are satisfied with their work environment, they are more engaged, collaborative, and committed to your business’ success. Additionally, such an environment can be a strong selling point in attracting new talent who are looking for employers that offer more than just a paycheck.
Boosting Employee Loyalty and Retention
Implementing a workplace financial advice program is a powerful strategy to enhance employee loyalty. When employees perceive that their employer is invested in their overall well-being, including their financial health, they develop a stronger sense of loyalty to the organisation. According to research conducted by McKinsey & Company, “…up to 55 percent of employee engagement is driven by non-financial recognition…” and “…an employee’s decision to leave is often driven by not feeling valued by the organization or their managers”. In other words, a remuneration package doesn’t typically make an employee more or less loyal – they want to know that their employer has their best interests at heart.
This commitment results in tangible benefits for your business. Loyal employees are more likely to stay longer, reducing turnover which can be costly, not just in recruitment and training expenses, but also in the loss of institutional knowledge and skills. A stable, experienced workforce, fostered by programs that care for employee well-being, can be a significant competitive advantage in any industry.
Financial concerns can weigh heavily on your employees, often spilling over into their work life. Worries about debt, savings, or retirement planning can distract employees, reducing their focus on work and productivity. By implementing a workplace financial advice program, you are offering a valuable resource to help staff manage these concerns. This support can lead to reduced financial stress, allowing employees to focus more on their work tasks. Increased concentration and peace of mind can lead to higher quality work, fewer errors, and greater overall productivity. Additionally, employees who feel supported in managing their financial health are often more energised and motivated, contributing positively to the workplace dynamic.
Lifestyle Financial Services (a division of Priority Advisory Group) deliver our Workplace Financial Advice (WFA) service, working with businesses to develop a unique, tailored benefits strategy.
Our clients are committed to investing in their team and supporting their financial wellbeing, not just the bottom line of the business. As your outsourced workplace benefits specialists, we will help you solidify your staff attraction and retention strategy, and create a workforce that is loyal, stable, and productive, and communicate to your team that their well-being is a priority. Overall, this holistic approach to employee welfare is a key factor in the long-term success and sustainability of your business. If you’re ready to implement a WFA strategy in your business, please contact us on 02 9415 1611 or via our website.