HR-led Savings Initiative: Empower Your Financial Future

The role of Human Resources (HR) has evolved over the years and employee wellness has become extremely imperative. During these economic uncertainties what role does HR play to empower its employees, especially looking at July as Savings month.

Sasfin Wealth has provided trusted advice and wealth management solutions to respected families and prized organisations for over 125 years. It is with this notion that it has taken an initiative-taking approach to promote savings month among its employees led by its HR department. Focusing on financial education and empowerment, the HR department is empowering its employees to make educated decisions, construct healthy savings habits, and secure their financial goals.

As Head: Human Capital some initiatives that the business has put in place to enable employees to have honest money conversations and understand the importance of saving. We have partnered with AskNelson and Interface, a Financial Wellness Company that offers complete and customised financial wellness programs to progressive companies like Sasfin Wealth, who wish to help our greatest asset our employees. Each month all staff are invited to an hour-long webinar, where various topics are covered from the psychology money, your money personality, tax, saving for a rainy day, budgeting, the list goes on. Coupled with the monthly webinar, we have an onsite Financial Coach who is available 3 times a month for one-on-one engagements, so each employee has an opportunity to take their money management journey a step further.

Weekly communications are sent as a reminder to staff of the free offerings, we are also running a competition by just attending a session, an employee could win a voucher. There is a saying, by Earl Nightingale “Whatever we plant in our subconscious mind and nourish with repetition and emotion will one day become a reality”, so we punt the money management journey on Clarity Wave, flyers in the pause areas, you cannot miss it! I believe support for employees facing financial difficulties is essential in fostering a supportive and caring work environment. By providing resources, education, and assistance, I believe we can help alleviate financial stress and contribute to employees' overall well-being and job satisfaction.

• Financial Counselling and Education: We have arranged financial counselling sessions/workshops conducted by financial experts to help employees understand budgeting, debt management, and savings strategies. Providing educational resources and tools can empower employees to make informed financial decisions.
• Employee Assistance Programs (EAP): This program is a valuable resource for employees facing financial difficulties. These programs often offer confidential counselling and support services, including financial advice and referrals to relevant resources.
• Work-Life Balance & Hybrid Working Model: Promoting a healthy work-life balance can indirectly support our people in managing their financial stress. Offering flexible work hours, remote work options, or paid time off can help employees balance their personal and financial responsibilities effectively.
• Budgeting Tools and Apps: As part of the workshops/webinars budgeting tools and apps that employees can use to track their expenses, set financial goals, and monitor progress have been recommended.
• Transparent Communication: I am an advocate for open communication between employees and management regarding financial challenges. Employees should feel comfortable discussing their concerns and seeking support when needed.

Financial education and empowerment are essential components of a comprehensive employee wellness strategy. By investing in employees' financial literacy and providing tools to manage their finances effectively, HR Executives can create a more engaged, loyal, and productive workforce while promoting a positive company culture. 

Financially Savvy Employees can act as Brand Ambassadors, empowered employees who are in control of their finances can serve as positive brand ambassadors for the organization. They are more likely to speak positively about the company, both internally and externally, enhancing the organisation's reputation. In the long run, these initiatives have a positive impact on company culture, when financial education is part of the company's culture, it fosters a sense of trust and transparency between our employees and Sasfin Wealth. It demonstrates our commitment to supporting employees beyond their work responsibilities.

Over time, I am hoping we have employees who are retirement ready as financial education can help employees plan for their long-term financial goals, including retirement. Employees who are financially prepared for the future are more likely to retire comfortably and may not need to delay retirement, freeing up opportunities for younger employees to advance. Lastly, Financial stress can significantly impact an employee's overall well-being and work performance. By offering our financial education and empowerment programs, employees can gain the knowledge and tools needed to manage their finances better, leading to reduced stress and improved focus at work.

Empower Your Financial Future: Join our HR-led Savings Month Initiative at Sasfin Wealth. Learn, Save, and Thrive with Us!