Everything You Should Know About 13th Month Pay in the Philippines
Find out how to compute 13th month pay in the Philippines, along with who’s eligible
With over a thousand companies using our ecosystem of HR solutions, here are some of the best stories.
Achieving financial security can empower employees to be in control of their future. Learn about the importance of financial wellness programs here.
Prioritizing financial wellness offers the following benefits to employees and organizations.
In 2022, PwC’s Employee Financial Wellness Survey reported that financial challenges made 76% of surveyed employees less productive. Furthermore, 55% stated these issues distract them from work. These individuals spend three or more hours a week tackling financial difficulties at work.
Consider how employees are more productive when no financial concerns distract them from work and their employers provide clear guidance in managing their finances. eMoney notes higher productivity as a top benefit for organizations with financial wellness programs.
There is a huge difference between establishing financial wellness programs and simply offering temporary solutions to financial challenges. Implementing the first has encouraged employees to search for companies that support financial well-being. According to PwC, 76% would work at organizations that consider financial wellness a priority.
When companies prioritize financial well-being, they can retain top talent. eMoney reported that organizations offering financial wellness programs saw higher employee retention (41%). Moreover, companies planning to develop these programs said retention is one key to a successful program (40%).
Financial hardship could leave employees feeling more stressed and anxious. Take a look at the statistics below to find out how economic challenges affect well-being.
Additionally, financial stress affects a company’s bottom line, as it has led to a 26% rise in the cost of financial stress since 2019. Surprisngly, only 11% of companies have implemented financial wellness programs.
Organizations with these programs in place reported high employee morale, motivation, engagement, and attendance.
You can provide your employees with the necessary financial support through the following initiatives.
Financial wellness programs help workers manage expenses better and reduce their financial concerns, which can include counseling, coaching, and using a financial management platform.
Start by assesing your company’s needs and determine what the program should offer. Have a financial advisor and a financial plan provider assess these requirements before implementing your program.
Offering total rewards with benefits, compensation, and rewards that emphasize employee well-being can also help improve employees’ financial wellness. A total rewards package can include the following benefits:
Financial coaching requires employees to meet with a financial specialist to change their financial behavior, set and achieve specific goals, and form new financial habits.
Partnering with a benefits provider can translate to greater time and cost savings and also reduces the frequency of human error.
You can work with insurance providers or benefits administration software vendors for your financial wellness program. Let’s look at how these companies can help you manage your current program.
Insurance providers have agents and brokers who can help you offer health insurance, dental insurance, and related benefits.
With benefits administration software, you can manage employee benefits, monitor worker participation, and generate compliance reports.
Some all-in-one HR software suites feature this tool alongside hiring, attendance management, payroll, and other solutions. These systems offer automation to reduce your time spent on crucial HR tasks and store employee data in one place.
51% of employees say employers should help them improve or maintain their financial wellness. Promoting financial education at work is one way to fulfill that responsibility. If you’re developing a financial literacy training program, consider tackling topics such as:
You can discuss these areas through one-on-one coaching sessions, seminars, or webinars.
Employees now find managing finances more challenging than ever, which has significant repurcussions on mental health and work performance. A financial wellness program can help your workforce overcome this and take steps toward better financial security.
Do you want to improve your workers’ financial wellness? Sprout offers InstaCash, a salary advance tool that makes emergency funds accessible to your employees whenever they face financial challenges. Learn more about InstaCash or visit our blog for more HR updates and insights.
Insurance providers have agents and brokers who can help you offer health insurance, dental insurance, and related benefits.
With benefits administration software, you can manage employee benefits, monitor worker participation, and generate compliance reports.
Some all-in-one HR software suites feature this tool alongside hiring, attendance management, payroll, and other solutions. These systems offer automation to reduce your time spent on crucial HR tasks and store employee data in one place.
51% of employees say employers should help them improve or maintain their financial wellness. Promoting financial education at work is one way to fulfill that responsibility. If you’re developing a financial literacy training program, consider tackling topics such as:
You can discuss these areas through one-on-one coaching sessions, seminars, or webinars.
Employees now find managing finances more challenging than ever, which has significant repurcussions on mental health and work performance. A financial wellness program can help your workforce overcome this and take steps toward better financial security.
Do you want to improve your workers’ financial wellness? Sprout offers InstaCash, a salary advance tool that makes emergency funds accessible to your employees whenever they face financial challenges. Learn more about InstaCash or visit our blog for more HR updates and insights.
Find out how to compute 13th month pay in the Philippines, along with who’s eligible
Discover how AI chatbots and Sprout Inbound optimize lead generation by addressing sales pain points.
Learn how to manage employee records for DepEd 201 File compliance. Let Sprout help you
Discover how Sprout enhances efficiency, satisfaction, and compliance in the fast-paced Accommodation and Food Industry,
Established in 2015, Sprout Solutions is the largest and most trusted homegrown B2B SaaS company in the Philippines. Inspired by our North Star "To impact the life of every Filipino by improving business in the Philippines", we help companies and their employees succeed through AI-enhanced HR and Business solutions.
Rockwell Business Center Building North Tower 9th Floor Sheridan St, corner United St, Mandaluyong, 1550 Metro Manila
Already a sprout user? Email [email protected] or contact your CSM for inquiries.
Established in 2015, Sprout Solutions is the largest and most trusted homegrown B2B SaaS company in the Philippines. Inspired by our North Star "To impact the life of every Filipino by improving business in the Philippines", we help companies and their employees succeed through AI-enhanced HR and Business solutions.
Rockwell Business Center Building North Tower 9th Floor Sheridan St, corner United St, Mandaluyong, 1550 Metro Manila
Already a sprout user? Email [email protected] or contact your CSM for inquiries.
© 2024 SPROUT SOLUTIONS PHIL., INC. ALL RIGHTS RESERVED