Financial Planning Employee Engagement Singapore
Singapore - The tough economic times and rising inflation can lead to dire consequences for financially-uneducated employees if they don't know how to plan for their financial future.
Research has further shown financial stress in employees do lead to lower productivity, absenteeism, higher turnover. The uncertainty could arise from their spouses' job concerns, children's education, their retirement plans or even possible retrenchment. Ng Choon Jin, executive director of Providend Centre of Financial Education, says, "In this climate, morale is low simply because they [employees] don't know what the future holds."
While building financial literacy skills in employees can't solve these problems overnight, Ng believes a basic education can at least give them an idea on how to move forward. Yet there are some employers who might think differently with most corporate budgets being cut. "A lot of bosses would be more interested in skilling up their employees during this time and prevent redundancy so this could be a luxury for them."
But for the "more enlightened" HR who views employee engagement as "really looking after employees" and not just by increasing skill sets or how to do their job better, this training can benefit the company. "Financially-educated employees are more focused on their goals and retirement plans," says Ng. "If they are financially healthy, they are less stressed so when they come to work, they are passionate about it."
Yet there is a fear that training dollars might go to waste because people are just uninterested in learning about financial data. Ng says ultimately financial responsibility still lies with the individual even though companies can provide programmes such as independent financial advisors or external trainers.
But he adds, "If from the bosses' and the HR director's point of view, financial planning is a programme they have truly thought through and they want to help, employees will come [for the talk]."
"At the end of the day, if you always bring in ad hoc lunchtime talks and there is no concerted effort to engage employees, employees can see through all that."
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