Beyond the Paycheck: Tackling Financial Health in the Filipino Workplace

Updated: May 7, 2023

Addressing financial wellness in the workplace is a win-win opportunity for employers and employees

Finances as #1 stressor

Personal finance is a significant concern for many employees, impacting their overall well-being and work performance.

Based on a recent 2023 survey we conducted among Filipino employees, financial stress is considered their number one stressor, with 8 out of 10 respondents saying that it is affecting their work, resulting in low productivity, poor work quality, and even absenteeism and tardiness.

This stress can affect employees’ productivity, engagement, and health, leading to increased absenteeism and turnover rates.

Employees cited financial concern as a main contributing factor to stress experienced on a daily basis. Based on the study, the problem stems from not having enough resources for everyday living.

When asked, survey respondents highlighted three main drivers of money worries–unexpected expenses from emergency needs like medical or repair needs for everyday living, paying down debt or needing to resort to debt for everyday needs, and not having adequate savings.

It is known that financial stress can impact one’s overall health, sleep, mood, energy levels, and concentration.

Employees are looking for help

In the study that was conducted, they are actually looking to their employers for help, with 9 out of 10 employees expecting their employers to provide financial benefit to them because they believe that their employers have access to financial resources and tools that employees may not have access to on their own.

At the same time, employees consider financial wellness a part of their employee benefits package. Just as they expect health insurance and paid leave, they also expect support for their financial health.

Offering such benefits can possibly drive loyalty and retention, with 89% of respondents saying that they will likely stay with their companies longer if financial benefits were given.

Employees need help with budgeting, managing bills, and spending. They want to build their emergency savings and are also looking into planning for the long term and starting their investments.

They’re looking for solutions like low-cost loans repaid via their payroll, emergency savings account with employer matching, retirement plans, and stock market investing. Employees want to build their financial goals of having adequate emergency savings, owning a house, and securing their family’s financial future.

Top 4 issues employees need help with

  1. Budgeting, managing spend
  2. Setting up an emergency fund
  3. Planning for the long term
  4. Starting investments

Employers can help their employees

Employers have a crucial role to play in addressing their employees’ personal finance worries and goals.

By implementing a financial benefits program, employers can provide their employees with the resources and support they need to improve their employees’ financial well-being, ultimately benefiting both the employees and the organization.

Plentina believes that employers have a key role to play in helping their employees address their financial worries.

Employers have an opportunity to invest fully in their employees’ financial well-being, thus also improving their business performance, employee engagement, and satisfaction, and even setting themselves apart from other employers.

To address these challenges, employers must take proactive steps to support their employees’ financial well-being. Implementing a financial benefits program can provide employees with the resources and support they need to manage their finances effectively, reducing stress and improving job performance.

Below are some of the ways a company can empower its employees to address their personal financial woes:

1. Conducting a financial wellness survey to assess employees’ needs: Employers can address concerns better if they have a full understanding of their employees’ financial challenges. If you’re an employer, you can conduct a survey to assess your employee’s financial literacy, financial stress levels, and overall financial wellness. The survey results will help identify the specific areas where employees need the most support.

2. Offering financial education and resources: Based on the survey results, you can develop a financial education program that includes workshops, webinars, and online resources. The program can cover topics such as budgeting, saving, investing, and retirement planning. You can also offer access to financial planning tools, such as financial calculators and budgeting apps.

3. Providing access to financial counseling and coaching services: You can provide personalized support by offering access to financial counseling and coaching services. Employees could schedule one-on-one sessions with professional financial advisors who are unaffiliated with the company to receive guidance on their financial goals and challenges.

4. Offering employee benefits that support financial wellness: You can also offer employee benefits that support financial wellness, such as investing or retirement plans, flexible spending accounts deductible from their employees’ payroll, and emergency savings accounts. These benefits can help your employees plan for their long-term financial goals while also providing financial flexibility for unexpected expenses.

5. Creating a culture of transparency and openness around personal finance topics: To reduce the stigma around personal finance, you can create a culture of transparency and openness around financial topics. Encourage your employees to discuss their financial challenges and goals openly, creating a supportive environment for employees to seek guidance and support.

By implementing these steps, you would be able to improve your employees’ financial wellness and overall well-being.

You’re not only helping your employees’ financial wellness and overall well-being; you, as the employer, get to gain from the financial benefits program. Plentina believes that: “When it’s good for employees, it’s good for business, too!”

1. Increased employee engagement and satisfaction: Employees will feel more confident in their ability to manage their finances effectively and will appreciate the support provided by the company, thus resulting in higher levels of engagement and job satisfaction after participating in the financial benefits program.

2. Improved productivity and performance: By reducing financial stress and anxiety, the financial benefits program can improve employees’ productivity and performance. Employees are able to focus more on their work and less on their financial worries, leading to increased efficiency and output.

3. Reduced absenteeism and turnover: Employees who will participate in the financial benefits program are less likely to miss work due to financial stress or to leave the company for financial reasons. The program can help employees feel more secure in their financial futures, leading to increased loyalty and retention rates.

4. Increased participation in retirement plans and other financial benefits: Employees will be able to plan better for their long-term financial goals, leading to improved financial security and confidence with the different financial benefit programs implemented.

Plentina can help you

Plentina recognizes that personal finance is a significant concern among Filipino employees, affecting their well-being and work performance.

They have the expertise, resources, and tools needed to carry out a successful financial benefit program. Utilize our program to be able to provide the support your employees need to manage their finances effectively and improve their overall well-being, which in turn can drive long-term business success for you.

Investing in employee financial wellness is not only the right thing to do but also a smart business decision that can benefit both employees and employers. By taking care of their employees’ financial well-being, employers can create a more productive, engaged, and loyal workforce that can drive long-term business success.

You can get in touch with their Business Development team today to learn more about the Plentina Financial Benefits program. Send an email to [email protected].

This is a press release.

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