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How can you ensure your workers are not just surviving — but thriving? A CEO shares a new approach

https://ideas.ted.com/how-can-you-ensure-your-workers-are-not-just-surviving-but-thriving-a-ceo-shares-a-new-approach/

ideas.ted.com

How can you ensure your workers are not just surviving — but thriving? A CEO shares a new approach
Here's how PayPal rethought income and benefits to give their workforce a solid fiscal footing, from CEO Dan Schulman.

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Paying attention to employees

Paying attention to employees

In the case of Paypal, the business model drive its mission. But, while fulfilling their mission, they missed something going on inside their company. Although they ensured to pay above-market salaries and offered generous benefits, it was inadequate for some people.

Knowing that their employees were struggling, they decided to take steps to support the financial security and health of their staff.

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Employee Financial Wellness Initiative

The four main elements to the Employee Financial Wellness Initiative.

  • Reducing the cost of healthcare.
  • Reviewing and raising wages where appropriate.
  • Making everyone, irrespective of level or position, a shareholder and long-term beneficiary of the collective success as a company.
  • Offering a long-term financial education and planning program.

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Promising results

Short term impact of the changes implemented because of the Employee Financial Wellness Initiative are:

  • Fewer employees report they are running out of funds between pay periods.
  • An increase in healthcare benefit enrollment and employees upgrading their plans.
  • A higher rate of 401(k) and employee stock purchase plan enrollment.

It will be a while before the real impact of these changes is known. The next generation of business leaders should take action and prioritize and invest in their employees.

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The Slow And The Fast Way To Build Wealth

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“Great wealth builders focus on both saving money and earning more.”

9 Ways To Building Wealth Fast

  1. Save on vehicles. Before buying a car, investigate vehicle reliability, pricing and financing.
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  5. Work hard on your current work regardless of your feelings for it. It’s easier than finding a new great opportunity and may lead you into a promotion.
  6. Educate yourself even if it doesn’t bring any immediate benefit, being educated opens new opportunities on the long run.
  7. Invest in yourself and your marketing to open up new opportunities.
  8. Being an entrepreneur is the best way to maximize your earnings, short of being an investor. Try it, even if it fails the learning from it will be invaluable in your next attempt.
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Try making a budget

  • Create a full inventory of expenses in front of you: Categorize them into fixed and variable; urgent and non-urgent; necessities and luxury; avoidable and unavoidable.
  • You can c...

Financial planning

 ...is the process which provides you a framework for achieving your life goals in a systematic and planned way by avoiding shocks and surprises.

Maintain a personal balance sheet

It’s a statement wherein you can jot down your assets and liabilities.

  • Pull together your bank statements and other proofs of the liabilities
  • List down your assets like the bank balance, all investments, home value, and value of other assets.
  • Take a sum of all the assets to arrive at the total value of your assets.
  • List down your liabilities the (car loan, home loan, credit card balances etc.)
  • The sum of all the liabilities will show the value of the money you owe.
  • When you subtract the value of liabilities from assets, you get your Net Worth.

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Keep everything as simple as possible

The more credit cards you have, the more chances you have for identity theft and the more chances you have to miss a payment. The more investment accounts you have, the less attention you can give ...

Don’t ever let your “future self”...

...take care of your current situation.

Your future self might have more income, but it’s also fairly likely that your future self might have less income and you’ll find yourself in a really bad situation. 

Even if your future self is doing well, there are probably going to be other big expenses that you’ll want to deal with at that time, like buying a house.

Focus on...

  • Building an emergency fund: set up an automatic weekly or monthly transfer from your checking account to your savings, then leave the savings alone until an emergency appears.
  • Eliminating high-interest debt: Set up a simple debt repayment plan by organizing your debts by interest rate, then attempt to make a double payment on whatever debt has the highest interest rate.
  • Saving for retirement: It will actually end up being a much smaller burden than you expect,  lifted up by the pleasure of knowing that you’re securing your retirement.