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

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

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/

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Key Ideas

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.

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.

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.

SIMILAR ARTICLES & IDEAS:

The Slow And The Fast Way To Build Wealth

  • The long-term approach to wealth building: If you’re younger and your income limits allow, open up a Roth IRA. Invest in mutual funds and ETFs while making sure you have enoug...

Todd Tresidder

Todd Tresidder

“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.
  2. Rent. Most rentals offer more flexibility in case you need to move. Also, not having the mortgage payment allows you to start saving earlier.
  3. Don’t be a consumerist, buy only the things you really need.
  4. Save a percentage of your income so you have more money to invest.
  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.
  9. Real estate won’t make you rich overnight, but it’s a solid strategy to increasing your network. 

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.

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 create a hierarchy of needs and decide which one’s to address first. It’s all about prioritizing. 
  • Accept that you have limited resources and unlimited wants. But you have to manage your resources. The sooner you accept this fact, the better you can control your impulses towards avoidable expenditures.

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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State Of Emergency

The ongoing pandemic is more than just a gigantic health crisis. The global economic order, for the first time in several decades, is on the path to an imminent restructuring.
Th...

Resolve

The measures to stop the spread of the virus are well-known by now: staying home in lockdown, working from home as a default option, schools switching from physical classrooms to e-learning models.

Not every country has been able to make these choices fast, due to a combination of hesitation, inaction, and paralysis. Before any decision is made, the first thing to do is determine what needs to be done and at what pace and scale.

Resilience

As the current health crisis steamrolls into an economic crisis unparalleled for the last 100 years, the decline in economic activity is already at par with the great depression.

This crisis of global proportions requires resilience, both for near-term issues like liquidity and cash flow, as well as long-term issues like uncertainty, personal financial stress and recovering from multiple challenges that were already present and are now further complicated due to the pandemic.

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