Employers and CEOs have been calling me to ask for help. To my surprise, it was not the usual call about digital marketing or insuretech that they needed help with, it was about helping their employees manage their finances. The financial stress some of the employees were facing were affecting their very good employees productivity level. The CEOs did not want to let these people go but unless the situation changed, they would have no choice, they said.
It is well known among employers that a lot of employees struggle with all sorts of stress at work but a big one is financial stress and this has gone worse since the pandemic. After one year of COVID-19 disrupting our lives, our finances has topped up the list in terms of stress. According to a 2021 survey from PwC, 63% of employees say that their financial stress has increased since the start of the pandemic.
Loss of jobs, salary cuts, sudden large costs or unexpected medical bills contribute to that stress level and 2019 did show who was prepared and who was not prepared for the unexpected. The increase level of financial stress eventually starts eating away at productivity and, consequently, business profits. So, what can employers do about it.
As we, as a team as Souqalmal, saw the concerns of many employers and their request for help, we decided to launch the first ever financial wellness program for employees. This would allow employers to invest in improving employees financial health and therefore decrease the level of stress both at home and at work.
The program includes 9 modules from budgeting to understanding your credit report and finding out the real cost of buying a property in the UAE. The program caters for everyone as there is a module for each life stage, whether you have just landed in the UAE, whether you are starting a family and considering buying a property or just need some help in budgeting. The modules are a combination of videos, presentations and a set of downloadable tools and calculators. But the great part is this program is not just about managing your finances but an incredible resource for those looking at big purchases like a property. Where else can you find one module with everything you need to know from cost, regulations, process and how to avoid scam in buying a house or a car ?
We built it in a way where it becomes the repository of financial education for employees across the year. All the content is localized to the UAE with the rules and regulations. We did not want to build a course that would add even more stress to the employees but a program where the information is there and tools are there for them to access 24/7 – it is an encyclopedia of managing your finances in the UAE. The program will be kept up to date with new updated info as when new regulations come out, new modules and a budgeting app coming along soon.
The program is available to all companies who wish to subscribe on a monthly basis and the cost depends on the number of employees who would be provided access. For anyone who is interested, you can email us at moneydoctor@souqalmal.com and we can take up the discussion with your employer.
For those who are not convinced about the MoneyDoctor or the need for financial education, I would say that financial issues are personal. Most people will not come to work and tell everyone about their personal matters so many of us underestimate how important it is. A recent 2021 PWC survey shows that 71% of employees would move to another company if they felt that the other company cared more about their financial well being. I think as a CEO, unless you start looking at all aspects of wellbeing at the office ,there is a high chance that in the near future, you may loose very good people. This program as I mentioned previously, is not just about managing your money or get out of Debt. If you are looking for a house for example, there is a full module which goes through the process of purchasing a house, the real cost of it, the list of all government and private costs, the list of expenses that are negotiable and those that are not, the process of going through transferring the property and the scams one needs to be aware of. So the program applies to everyone in the office whatever income level or stage of life you are at. You do not need to be struggling with debt to educate yourself about your finances !
You can view the program and get more information about the courses, introductory videos and pricing at moneydoctor.souqalmal.com