HR on a Mission to improve employees financial wellness
September 4, 2023
SAVii presented at the CCAP (Contact Center Association of the Philippines) HR Council Forum on August 24, 2023, about HR's mission as promoters of team spirit and employee engagement in the workplace.
Financial stress is a prevalent and persistent form of stress seen at the workplace. During the CCAP HR Forum, Ivan Matic, SAVii's Head of Sales, highlighted insights from SAVii's workplace intelligence on how financial stress affects employee productivity and workplace culture. According to SAVii's Workplace Intelligence, 34% of Filipino employees surveyed are financially stressed, of which BPO employees self-reported a 3.1 average score on financial stress.
Financial stress has an impact on employee productivity among 1 in 5 employees, and 49% of them spend over 3 hours per week on personal financial issues. In addition, it causes a lack of liquidity, which makes saving difficult. This financial worry brings to today's HR's mission: to improve employees financial wellness. and to promote team spirit and employee engagement.
SAVii Workplace Intelligence also reveals that 88% of financially stressed users have less than Php10,000 in savings, but 35% save 5% or more of their salaries. The average user should build Php10,000 within 1.7 years, significantly less than the average working years. To help employees address their financial worries, employers can provide tools and education to empower employees to save, providing stability, reduced distractions, and increased engagement.
As an advocate of the holistic employee experience, Matic observed from his talks to various HR leaders that "employees who are single mothers with two financial dependents and millennials are the most vulnerable to financial stress". "He added that implementing financial wellness solutions in the workplace can help employees take control of their finances and achieve financial goals".
Haidee Enriquez, CCAP Chairman, agrees with Matic that financial stress has a significant impact on employee performance and that HR needs a partner like SAVii to establish and strengthen employee financial wellbeing.
SAVii has been partnering with HR to boost employee happiness and morale for over 5 years. The employee wellness provider wishes HR success in their mission to bring financial wellness to their companies.
The mission of CCAP (Contact Center Association of the Philippines) is to strengthen the Philippine contact center industry by promoting innovation and best practices. CCAP programs focus on expanding talent supply, maintaining a favorable business environment, driving industry innovation, promoting industry welfare, and providing business development support. Visit https://ccap.ph/contact-ccap/ to learn more.
SAVii is the category leader in salary-linked financial services. Our 100+ corporate employer partners get data insight that can help manage attrition and unlock engaged, productive employees. We support nearly 500,000 employees with safe, convenient, and affordable loans, advances, and mental health support. Connect with us at [email protected] or find out more at https://savii.io/ph.
About SAVii Workplace Intelligence
SAVii Workplace Intelligence is a series of reports focusing on modern, flexible workplaces that prioritize employee wellness. The SAVii 2022 annual survey has respondents from more than 18,000 employees across industries, including BPO, manufacturing, and F&B, to understand their financial wellness and workplace experiences. The survey, which covered topics like work-life balance, financial wellness, job satisfaction, and overall well-being, was distributed via email. The results provide valuable insights for organizations looking to improve employee well-being and engagement.