Financial Wellness: For those who need to sell their newspapers and beer bottles by the month-end!
Extending Cash Profitably! 😀
With appraisals round the corner, Suyatians are optimistic about a salary hike! People doing the rounds to ‘soap’ the HR are a common sight! As are late working nights, and 100% attendance! In keeping with the flavor of the season, (and to prevent people from ‘soaping’ them), the HR team decided to hold a Financial Wellness workshop, with the theme – “You don’t need a hike; you need better money management mostly!” (Puns intended!)
On a more serious note, a Cambridge Resources Group survey shows that the “toll on productivity caused by financial stress” is one of the “most critical unaddressed issues in the workplace today”. It points out that an employee with financial issues suffers from 25hours of lost productivity every month. Hence, we decided to conduct this financial wellness workshop to help the team manage their money better.
The 3-hour session highlighted the fact that our financial struggles are not the result of a ‘low income Vs high inflation’ scenario, but is simply a consequence of lack of planning and improper money management. A permanent solution to financial distress is to rely on quality solutions like basic financial education, credit counselling, retirement education, and efficient money managing skills provide massive financial benefits. They include increased financial wellbeing and productivity, stronger relationships, and better health.
Mr. Natarajan Subramanian, Personal Financial Wellness Advisor and the speaker, helped the participants categorize themselves into levels of a pyramid, based on financial wellness. Funnily or not, most – the beginners and the thrifty – fell into Level 0, where, ‘even if your salary is delayed by one day, you are put to lot of stress!’ The more mature set fell into Levels 3, 4 and 5, where they’ve hit various degrees of financial wellness, and are working towards the financial saturation of their next generation! The session explained how to plan, set and achieve financial wellness goals They also covered ROI & how to calculate it, how to be richer in a shorter time span, how to invest, what to save, where to invest, etc. Particularly helpful were the tips on the most reliable investment means, like Mutual Funds, Real Estate and more.
All in all, the employees were filled with thoughts of getting richer sooner. And with the conduct of this event, every Suyatian is optimistic of better money management this year, with or without pay hikes!