How To Promote Financial Health? Discover The Keys To Help The Financial Well-being Of Your Employees

How to promote financial health? Discover the keys to help the financial well-being of your employees

Financial health has become a key concept, increasingly visible in Spanish companies. The COVID-19 pandemic has transformed our life and work habits, directly affecting our well-being in all areas. In fact, more than half of the employees claim to be more concerned about their financial health than about other aspects of well-being, such as physical, mental or social health.

Faced with the discomfort and concerns expressed by employees in this last period, companies increasingly need to understand how and with what tools they can help improve the well-being of their employees.


What do we mean when we talk about ‘financial wellness’?

During the webinar ‘Financial health, the great concern of 2021: how to take care of the economic well-being of our workers’, organized by Devengo and RRHHDigital last Thursday, we were accompanied by experts in HR, people management and financial health from companies such as Devengo, TacoBell , Seacoach and Cigna, offering the keys to financial health and how to take care of employees economically. Also, new ways of accessing the money that worked them.

According to Fernando Cabello-Astolfi, CEO and co-founder of Accrual, “financial health is understood as the ability to meet expenses, planned or unforeseen, both in the short and long term.” For her part, from Seacoach, Carmen Máñez Carvajal, HR consultant, points out that financial well-being is based on “having control of all the income received and being able to be free to decide in what to invest that income.”

In this sense, everyone agrees that companies have a lot to contribute, through the use of tools and strategies that facilitate this process: training, salary projects …

“Having good financial health helps to stop being a concern on a daily basis. It allows the person to think about other concepts that add more value to their life. Financial well-being is closely related to aspects of home economics and planning companies, “says Santiago Manzanero, HR director at Casual Brands, the company that owns TacoBell Spain.

Financial health, inevitably linked to physical and mental

The current situation affected by the pandemic is wreaking havoc on the mental health of many Spaniards. Carmen Máñez Carvajal, HR consultant and founder of Seacoach, assures that “stress is directly related to a person’s productivity. If a person is not in good financial health, this can affect their mental health, their social relationships, their day to day, and even their productivity “

For Santiago Manzanero, ‘ERTE’s situation in recent months has generated very significant financial stress for many people. There is no company that was 100% prepared for this. “

Financial tools to promote financial health

Companies can provide access to various tools to help employees achieve financial well-being. One of the basic tools are those that allow access to accumulated liquidity, since this would improve financial health in the short term. From Accrual, Fernando Cabello-Astolfi, points out that “poor financial health can be one of the biggest concerns for the employee.” Thinking long-term with long-term tools seems like a good starting point. Having good health insurance, good coverage … will give the company the ability to financially ‘cure’ its employees. In the short term, companies have to face income and expenses. “

Earned wages is also becoming a global macro trend. “The salary on demand is not a cycle in itself, but it is a station. The next station (step) would be the salary in real time because automated management can generate microsavings, marking the difference between dignity and indignity,” he says Hair-Astolfi. Implementing strategies that produce small accumulated profits can be very relevant, and the salary on demand is a great advance.

The role of companies: communication and action, keys

For Ana Romeo, director of HR at Cigna, “companies have to take into account the feeling of well-being generated by having good financial health. From HR there is a lot to say and work.”

Shared by all, taking care of the holistic health of employees is essential, with the implementation by the company of mental health plans, promoting physical well-being, but also a strategy from the salary point of view. Carmen Máñez Carvajal, HR consultant and founder of Seacoach, points out that “this concept should be increasingly imposed in HR departments. Having good holistic health will bring greater productivity, greater talent retention, greater business reputation … Investing in financial health, holistically, is absolutely important for companies “

“Companies may not be able to pay more, but they can pay better,” highlights Fernando Cabello-Astolfi, CEO and co-founder of Devengo. “Companies must provide tools that help the employee with their financial costs and there are concepts that can be very useful and help them to think better, such as real disposable income.”

Communication has also been a key element in guaranteeing aid and improvements in the field of health. Santiago Manzanero, HR director of Casual Brands Group, of TacoBell Spain, highlights that, on the part of companies, it has been necessary to react. “Communication has been key in our company and allowed us to establish plans in which we anticipated amounts of money and we use very advanced systems. They are very useful services.”

Ana Romeo, director of HR at Cigna, refers to the concept of company support for their employees: “In our concept of employee support, the economic health of our employees has always been the part, with much more flexible products. Now, we take the moment to talk about what is economic health, balance of income and expenses and that future within pensions in Spain depending on your salary level. It is a key point in our economy and our society. “

Employee wellness programs

Poor financial health of the employee can directly or indirectly affect the company itself, since it extends to aspects of the person such as their productivity or their stress levels. Carmen Máñez Carvajal, HR consultant and founder of Seacoach, emphasizes the need to fully integrate this type of concepts and initiatives within companies and their actions. In his words, “it is a very revolutionary concept, but it has not yet been implemented in Spain. Now the question is how to start? What strategy do I want to follow in my company? It is something that should be part of our programs of well-being. It is very powerful as a measure of commitment and talent acquisition “.

Relive the webinar on financial health by clicking here

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