Financial wellbeing, or the lack of it, affects everyone. Yet financial wellbeing is often missing from employee health and wellbeing programs.
Private financial stresses impact employees’ happiness, distract them from success at work and can negatively influence workplace culture. Conversely, when employees are less stressed and more confident about their finances, they are empowered to be more productive.
Stanwell Corporation is a government-owned energy company, operating from multiple regional and metropolitan sites in Queensland. Its team comprises of around 700 employees, from apprentices to senior management. Stanwell needed a flexible and thorough financial wellness program that would be of use to the whole organisation. That’s why they teamed up with Money101 to introduce a financial wellness program to their organisation.
We chatted to Peter Johnson, Manager, People & Culture Services, to learn how Money101’s services made a difference to their employees.
What problem were you looking to solve when selecting MyMoney101?
Our Health and Wellbeing Committee wanted to provide a complete set of support for the mental health and wellbeing of our employees and their families. We identified financial wellbeing as a missing pillar.
We understand that financial issues are one of the major catalysts for anxiety, depression and other mental health issues. We wanted to give our employees and their families a support mechanism that provides relevant information and help them determine solutions to their financial issues or queries.
What would have happened if you had not implemented MyMoney101?
Some employees and their families would not have access to financial information and may have not been able to make the most optimal financial decisions. The program modules are great building blocks to developing a positive relationship with money and better financial wellbeing.
What risks did you consider?
It was more about getting a ROI on our investment and making sure our people are aware of the service and what it involves. To mitigate this we did a mail out to all employee families and developed a comprehensive ‘communication plan’ to continually promote the program.
In addition to this we have incorporated some modules as part of development training for our Early Adult Programs (apprentices, trainees, graduates) and employees ‘Transitioning to Retirement’. Wherever we have the opportunity to link back to the learning modules, we do. This has facilitated greater engagement with the program.
Did you have any reservations in selecting the program?
The only reservations we had were related to ensuring we get ROI on our investment. The team at Money101 have been fantastic in providing support where needed in assisting us with the communication to help promote the program to our employees and their families. It has made engagement much easier.
What measurable benefits have you seen?
We are able to meet our team's needs, wherever they are in their financial journey. Our staff cover a wide age range across numerous life stages. We have young apprentices utilising the program as part of their onboarding and professional development. There are employees experiencing life events such as moving out of home or getting married and having a baby, and the course is an invaluable asset to them. And it’s even been useful for those who are further along their career path, engaging with modules addressing transition to retirement and aged care.