When we talk about workplace benefits, we often associate it with health insurance, paid leaves, life insurance
A report from Bank of America Merrill Lynch stated that 95% of employers who have a financial wellness program in place found that the program helped the company reach its goals. It also has a positive impact on employee satisfaction, stress levels, employee turnover
This is especially necessary for women professionals. In the same report, 47% of women employees state that they are less than financially well, compared to 29% of men.
Another study from Merill Lynch, in partnership with Age
Investing in the financial wellness of all talents, not just women talent, is beneficial to both employer and employees.
How can companies help their employees, particularly women, become more financially sound? Here are some basic tips:
1. Make Money Talk the Norm
For many women, talking about money is simply taboo. The same Merill Lynch study indicated that 61% of women would rather talk about death than money. But this hesitance to address issues does not help women’s need to increase their financial literacy. Companies need to try to make money talk part of their company culture. It’s not about sharing how much they make, but more of a freedom to share what they can do with their money, what expenses or investments are setting them back and even how to fairly divide the lunch bill.
2. Center Finance Talk Around Women’s Goals
As with any financial planning, it needs to be centered around what their goals are. Merill Lynch’s study indicated that 77% of women associate their money with what they can do for their families. This needs to be broken down further, are they concerned about
3. Offer Seminars, Mentorship
The lack of confidence in managing investments stems from a lack of information. Companies can encourage financial wellness by offering educational tools that will help build their knowledge and confidence in making their money work for them.
Encourage Sponsorship of Women
Advancing your career is absolutely necessary to enable women to earn more and invest more. While mentorship is very important, women are in dire need of sponsors in the workplace who will advocate for their career growth and provide opportunities to help them step up the career ladder.
Rise and Lead Women’s current rank of sponsors
Elliot Lloyd International, where Clare is a Senior Adviser, offers tailored financial services. They offer their clients financial plans to help them achieve financial goals and manage their wealth. Their services include investment and financial planning, retirement planning, inheritance planning, savings, insurance and more.
Ebere Akadiri is A Nigerian Food Entrepreneur who lives in The Hague. Her passion to inspire others to achieve their goals drove her to found Rise and Lead Women along with her co-founder, Poonam Barua. Their mission is to inspire women to take the lead in closing the gender gap in workplaces and in business.