Mentorship relationships in the workplace are a shared opportunity for learning and growth.
Increasingly company leaders are using financial wellness mentors in the workplace to offer group sessions to employees to enhance their financial knowledge and improve their money management situations, both to eliminate or minimise their personal stresses and financial pressures, and to enable growth strategies within the company to grow profit and revenue, foster engagement, enhance the customer journey, and minimise staff turnover numbers.
Behavioural scientists say financial mentoring at work, as an informal support network, offers many hidden benefits for the employee, the employer, the customer, and the brand.
The Financial Times cites a study in the Journal of Vocational Behaviour which claims mentoring can help organisations address the serious and costly workplace issues of anxiety and mental health, and build confidence and resilience.
Mentoring is a life-changing, empowerment tool for employers to coach and nurture staff who need help overcoming any stress they may feel, either in or outside the workplace.
NSBS delivers tailored workplace wellness mentoring to meet all financial capability needs and provide validating money management solutions.
Consider a financial mentor as an employee benefit. NSBS works closely with public organisations and private companies, big and small, to deliver financial literacy life skills to employees and contractors within the workplace as a staff wellness benefit.
Companies and HR departments that provide financial mentoring as a workplace wellness benefit reap the rewards many times over.
For starters, they understand the stresses their staff are under in a cost of living crisis and are happy to meet their needs in order to make their life as stress-free as possible.
They recognise, too, that the cost of acquiring a personal financial mentor is usually not within reach for the average 9-to-5 worker, and that they often do not feel confident talking about their financial predicament privately because they think they’re alone in this situation.
But by adding group financial mentor sessions to your arsenal of employee benefits, the organisation will improve the financial wellness of all staff and demonstrate that financial literacy is something everyone can benefit from. It will take away any stigma there may be towards money management, especially as all Kiwis face a tough year of rising food costs, inflation, interest rates, and a cost of living crisis that has become untenable.
Financial stress regularly tops studies as the number-one stress in people’s lives. It has a profound effect on families and the average worker. It causes employees to feel less focused and engaged on tasks and more likely to miss days of work to deal with financial problems.
The desire for increased financial awareness and education is on the rise, especially as employees in New Zealand are struggling to make ends meet and Kiwi employers experience the negative consequences.
Offering a financial wellness solution as an employee benefit will act as a catalyst of change and yield numerous positive results.
Financial mentor sessions will make the workforce healthier and more productive.
As a standard employee benefit, hiring a financial mentor to provide invaluable advice to your staff will give them the individualised help and resources they need to improve their finances and money management future, including practical advice on how to minimise debt, reduce credit, save for retirement, set budgeting goals, and cover the mortgage.
Financial mentor sessions can be delivered in the workplace in small teams or large groups. NSBS also offers virtual meetings for convenience and safety.
The goal is to offer an effective way for employees to learn and become more financially empowered together. It’s a win-win for the workforce and for the organisation.
At NSBS, we work closely with workplace management leaders and HR directors to deliver tailored financial capability training to enable your employees to feel financially nourished.
Empowerment is the cornerstone of our approach to financial wellness to better your company culture and employee morale – no matter the size of the workplace or industry.
Having an engaged, motivated and happy workforce will improve employee retention and productivity, which will have a positive impact on your organisation and customers.
Forget the gym membership – offering financial mentor sessions to your staff as a standard employee benefit is relevant, necessary and insightful. It shows, as an employer, that you care about your employees’ financial health wellness and will provide a practical solution.