Financial stress is a growing concern affecting both employees and employers. According to a recent survey, financial stress has been named the top cause, with a staggering 60% of full-time employees reporting feeling stressed about their finances and looking to their employers for help.
The Importance of Financial Wellbeing Services
In light of these findings, employers are left with a pressing question: Should they consider providing financial wellbeing services to assist their workforce?
Insights from Emma Baxter, YOUtax Director
Emma Baxter, YOUtax Director, Chief Accountant and Tax Advisor, highlights the significance of financial wellbeing services in today’s corporate landscape. She notes:
“Financial wellbeing services are fast becoming a necessary addition to a company’s program. With complicated remuneration and benefits packages, more and more employees struggle to see the unintended tax consequences until it is too late. We work to ensure your employees have quality tax support when they need it, however they need it.”
The Impact on Work Engagement
One of the most significant benefits of investing in employees’ financial wellbeing is its positive impact on their overall work engagement. When employees have control over their finances and experience reduced stress, they are more likely to be mentally and physically healthier, leading to higher engagement levels on the job.
Affordable Investment and Retention Strategy
Despite these benefits, businesses sometimes hesitate to provide financial wellbeing support, fearing it may be costly or lead to employee demands for higher pay. The reality is that most employees are already well aware of their current income, expenses, and potential earnings elsewhere. A pay raise alone often falls short of addressing financial stress.
Financial wellbeing services are an affordable investment and a retention strategy. They deliver tangible wellbeing and productivity advantages and mitigate issues like presenteeism and the costs of hiring new employees.
Enhancing Workplace Wellbeing
The YOUtax Financial Wellbeing Program takes a holistic approach to address various financial aspects that impact employees. It encompasses a broad spectrum of essential topics, including:
- Share-Based Bonus Schemes, ESPPs, and RSUs
- Tax Residency and VISA Issues
- Medicare Eligibility
- Tax Issues on Foreign Assets and Income
- Double Taxing Agreements
- Private Healthcare
- Remote Working and Flexible Working Policy
- Employee Benefits: Understanding Allowances vs. Reimbursements
- Superannuation and Div 293 Tax
- Flexible Delivery Methods.
Our program offers diverse delivery methods, ensuring flexibility and accessibility. Employees can benefit from tailored one-on-one sessions with seasoned tax advisors, interactive online tools, user-friendly calculators, and engaging webinars. At YOUtax, financial wellbeing goes beyond theory; it’s about empowering individuals with actionable knowledge and qualified advice for everyone who needs it.
Contact YOUtax Today
Reach out to the YOUtax team today to learn more about how the Financial Wellbeing Program can positively impact your employees and organisation.
Phone: (07) 5301 9217