Organisations have traditionally viewed employee well-being as nice-to-have rather than a necessity. It wasn’t regarded as the responsibility of the employer but something that an employee needs to manage themselves. However, expectations has started to shift, organisational leaders are made accountable to take proactive steps in promoting workplace wellness and interventions. This workplace phenomenon has only become more pronounced with the lingering devastating impact of covid-19 pandemic.

Traditionally most organizations focus on employees’ physical or mental wellness- important pillars which keep the morale and engagement of employees up.

However, in the event an employee runs into a financial challenge, is this a personal issue that the employer should not interfere?

Let us draw on some numbers. An Employee Financial Wellness Survey conducted in 2020 showed that money matters came at the top as a contributing stress factor, versus other aspects like their jobs, relationships, and health concerns. Also based on a Forbes magazine article, a stressed-out employee is more likely to be distracted at work, thus affecting their job performance, productivity, and engagement levels. Stress also adversely impacts employees’ emotional and physical states, which all give rise to absenteeism, All these translate to greater costs to employers.

Hence forth wellness comprises of multiple pillars- physical, mental and financial and each as important as the other and isn’t to be addressed in isolation and has huge consequences if not nip in the bud. It has come to a point we could no longer sweep financial stress under the carpet but rather addressed it with a 360-degree approach.

Employers have started picking up this notion notedly in recent years and curated financial wellness programs as part of their employees’ benefits package.

Life has a way of throwing curveballs at us no matter how much we plan. Having unforeseen emergencies can be challenging, they can either drain you down physically and financially. This month you may be a little short on cash to cover the rent. Or your car broke down on your way to work. It is certainly nothing to be embarrassed about:

In such times of need, it is important not to rush yourself into making a choice and it is wise to take the time to understand the best and most manageable way for your specific financial situation.

“The pursuit of happiness is not the path to fulfillment, in fact, happiness should not be the goal at all. “

Not quite actually.

Polls conducted has drawn feedbacks and opinions of millions of people of what drives them, what excites them, and what makes them happy at work

Today’s organizations need to adopt an employee-first mentality, meaning the well-being of the employee is integral to the mission and vision of the company. Leadership needs to recognise that creating a nurturing environment for employees is critical to long-term success.

Payroll is one area of business that’s been ripe for innovation and disruption for a while now. On the surface, it may not look like something that really requires any major changes. After all, it’s worked well enough so far. However, as when flexibilities for payments, banking and purchases are fast becoming the norm, why should salary payment be any different?

How to quit living paycheck to paycheck? Here are 5 routes to take you there!

The concept of EWA is simple—giving employees immediate access to a portion of their salaries as soon as they have earned them, rather than having them wait till their next scheduled salary day. Companies that provide these on-demand pay services to employees are solving real-world problems with innovative solutions.

The onslaught of the covid pandemic has sent a stronger message to all that it is crucial to have a financial safety net at all times as many have been hard hit. On this note, IFS Capital envisions EWA could yet be another financial tool to help local employees.