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Why financial wellbeing is important in the workplace

Posted on July 4, 2023November 23, 2023 by Chris James

Improving employee wellbeing is one of the top priorities of HR leaders today. But what many people don’t realise is that 1.2 million households are currently suffering from financial stress. Therefore financial wellbeing is actually what sits at the centre of holistic wellness and has the potential to drive the most significant impact on working Australians. In this post, we’ll explain how to improve financial wellbeing in your workplace.

Financial wellbeing initiatives to bring into the workplace

Thankfully, there are many financial wellbeing initiatives that you can introduce to your employees. We share some of the most impactful ones below, along with an explanation of how they’ll improve the financial wellness levels of your workforce.

Novated car leasing

A novated lease allows employees to finance a new or used car by having their employer make payments out of their salary package with pre-tax deductions. With this arrangement, your employee is paying down a certain amount for a specified period of time. At the end of the lease period, they can choose to take out a new lease with a different car, extend the existing lease, or buy the car by paying the residual amount.

How this supports financial wellbeing:

One of the benefits of a novated lease is the tax break. Since the payments are coming out of your employee’s pre-tax income, your employee’s taxable income will be significantly reduced. Plus, your employees won’t have to worry about things like the goods and services tax (GST), which means they’ll have much more disposable income to use for their other needs.

Flexible pay

Flexible pay gives employees the ability to choose when they get paid – instead of following the organisation’s payroll schedule. For example, instead of receiving a paycheck every two weeks, an employee can choose to cash out on a weekly basis or even in real time. The whole purpose of this system is to allow employees to choose a compensation schedule that works for their specific needs and lifestyle.

How this supports financial wellbeing:

As you might imagine, flexible pay can ease a lot of financial anxiety for employees. Instead of worrying about whether they’ll receive a paycheck in time to pay rent or cover a credit card bill, flexible pay allows them to access the money whenever they need it.

Superannuation

Superannuation is money that’s set aside by your employer for your retirement – on top of your salary and wages. Employers are required by Australian law to make superannuation contributions for most of their employees and typically pay a minimum of 9.5% of ordinary time earnings.

How this supports financial wellbeing:

Superannuation is one of the best financial benefits for employees because it guarantees that they’ll have funds to use in retirement. Workers can also decide to make additional contributions to their own account or might be eligible to receive contributions from the Australian government, which can further increase the amount of retirement savings they accumulate.

Investment vehicles

There are many investment vehicle options that you can introduce to your employees – from managed funds to share schemes with your own company. Regardless of which ones you make available to your workforce, the most important part is educating them so they can decide which option is best for them. This can be done through training or financial literacy workshops.

How this supports financial wellbeing:

Helping employees find ways to invest and grow their money over time will help them in the long run – whether it’s when they retire or run into an emergency where they might need additional funds to dip into.

Lost super consolidation

It’s possible for employees to lose track of some of their super. This typically happens when they change their job or address. As an employer, you can provide the resources to help workers find their lost super, consolidate it with the rest of their contributions, and identify which account they want their future contributions to go to.

How this supports financial wellbeing:

Employees can save money by consolidating their super into one account. Having multiple accounts can accumulate fees, not to mention that having multiple sources of contributions can be difficult to manage.

Life insurance

The purpose of life insurance is to offer protection to employees and their loved ones in case of an unexpected life event. There are different life insurance products they can choose from that protect them from different types of events – whether that’s a death, a terminal illness diagnosis, or a bad accident.

How this supports financial wellbeing:

This is a wonderful initiative for employers to introduce because it gives workers peace of mind when it comes to unexpected life events. The last thing an employee wants to worry about after a car accident or diagnosis is to have to worry about finances, and life insurance is a great safeguard against that.

There are many effective initiatives that can increase your employees’ levels of financial wellness and – as a result – their overall wellbeing. Simply start with a few of the ideas that stood out to you in this post and go from there.

If you have any employees who are in need of support, be sure to check out Wellness@Work, a free hub designed to support HR and Australian workers by giving them access to free content.

If you’re looking for an additional HR software to support your business, Flare offers a free onboarding software with employee management and benefits. To learn more, please request a demo.

Are you a good coach? 5 techniques to get better

Posted on June 25, 2021August 11, 2023 by Cassiano Pessoa

In sport or athletics, we never question the need for a coach. Coaching is essential for development and motivation, staying focused on the field when the stakes are high, and helping the team realise their full potential. But when it comes to the workplace, coaching is often overlooked.

All employees—from entry-level positions right up to the CEO—can benefit from personal development. And managers at all levels can, and should, act as coaches. We’re all eternal learners, after all.

The right guidance at work can help unlock an individual’s personal potential, which can ultimately drive better performance outcomes for the company.

So, are you a good coach, and could you be better?

1. Be humble

We all have our weaknesses. But do we see them? A study of Australian leadership showed that 84% of frontline managers believe they’re good at gaining employee commitment. Yet only 50% of employees think their managers involve them in decision making.

Coaching isn’t just for juniors. Everyone can both benefit from coaching and act as a coach for others. Being a mentee and mentor, means offering skills and experience to others, whilst being willing to receive feedback. Good leaders have the humility to know there’s always room for improvement.

2. Start with empathy

Empathy is a hot topic these days. That’s for good reason. Beyond employee wellbeing, empathy can impact productivity and motivation. A CCL study showed that empathy is positively related to job performance. And a Businessolver report found that 77% of employees would work longer hours for an empathetic employer.

Empathy means coming from a place of understanding and compassion. In the workplace, coaching with empathy can take many forms. Showing a genuine interest in employee’s needs, noticing signs of overwork, and nurturing individual ambitions, are just a few.

3. Show appreciation

One of our most basic needs as humans is to feel valued. At work, it’s no different. A whopping 93% of employees say their productivity increases when their employer recognises their accomplishments. Yet 41% of employees say their managers don’t show enough appreciation.

Recognising what’s already going well––rather than focusing on what isn’t––can help employees feel valued and respected. The best coaches focus on the positives alongside areas for growth. Practice appreciation by calling out wins, celebrating milestones, and noticing positive progress.

4. Listen before you respond

As coaches, we’re guides, not know-it-alls. Successful coaches don’t tell others what to do. Instead, they listen, understand, and offer potential solutions and strategies.

Coaching can help unlock potential, but it shouldn’t create cookie-cutter employees. Humans are diverse and should be celebrated as such. Celebrating diversity isn’t just good for individuals, but companies too.

Improve your listening skills by asking open-ended questions, practising deep listening, and pausing before speaking to ensure you’re offering options not instructions.

5. Set specific goals

Goal setting is powerful. A review of 141 research papers found goal setting had a positive effect on behaviour and a Dominican University study found that those who wrote down their goals were 20% more successful than those who didn’t.

Coaching without goal setting is like driving in the darkn without a map. Setting specific goals––and writing them down––means tracking progress and making tangible improvements over time. Creating specific, achievable, and relevant, SMART goals, will yield better results. A win-win for everyone.

Coaching at work can empower a workforce and improve company performance. Almost every employee can act as a coach and everyone can benefit from guidance: it’s how we improve. Utilising these techniques can help individuals succeed while bettering the bottom line.

Why now could be the best time to sell your car

Posted on June 23, 2021August 11, 2023 by Cassiano Pessoa

By Mark Biggart, Flare Cars

I’ve worked in the automotive industry for almost 20 years, and I’ve never experienced what’s happening in the used car market right now. I just sold my two-year-old hatchback for a $1,000 profit — that’s $1,000 *more* than what I paid for it just two years ago. A friend bought a new Mazda CX5 three years ago, drove it for 30,000 kms, and just sold it for only $4,000 less than what he paid.

Think about this for a second. The unwritten rules for car ownership dictate that a car will dramatically depreciate in value, from the moment you pick up the keys. So there’s probably never been a better time to sell.

So, what’s happening in the used car market, and why?

Market values for popular used vehicle models are up by 30% compared to B.C. (before COVID).

Why is this happening? Well, mainly due to COVID-19. For most of 2020, new car production and sales were severely impacted by the pandemic, and as a result, fewer cars were traded in, breaking the demand and supply balance in the used market.

Additionally, you may have heard about the global shortage of superconductor chips required for vehicle engines and electronics. This is further restricting the new car supply, and forcing people to buy used cars as an alternative option.

What does this mean for me?

While this isn’t great news for anyone in the market to buy a second-hand car, for those who own a car, whether it’s outright or financed, now could be a great time to realise its value.

One of my clients, Cam, was recently tossing up whether to re-lease his 3-years-old Mazda CX5 with $17,000 owing, or sell it and get a new car. He did a quick research on some car trading websites and was surprised to find out that the 50,000kms vehicle was worth much more than he had imagined. He ended up selling it for $33,000, only $2000 less than the original purchase price when he first leased it, meaning he walked away with an additional $16,000 cash tax-free in his bank account. What’s better is that he gets to lease a brand new CX5 all over again – a black one because his wife got to pick the colour this time!

Through the novated leasing program offered by Flare Cars, you could also unlock significant savings on your car and there are two ways we can help:

Lease a new car. You can sell or trade in your current car (arrange your own, or we can help!), release the cash and lease a new car for an exciting upgrade. New car prices have not increased in line with used ones, and we can still get you great fleet discounts through our national dealership network, plus saving 10% GST on purchase price upfront.
Sale and leaseback. If you’d rather keep your current car, you can do a sale and leaseback to pocket any equity or capital gain tax-free, and finance the remaining value of your car through a novated lease arrangement. This option works well whether you have existing finance on your car or own it outright.

Additionally, both options will save you thousands in running costs, GST and income tax over the life of the lease.

Sounds great! How do I get started?

Reach out to us for an obligation-free consultation so we can get an understanding of your current situation, and run an initial quote on the car you want to lease – whether it’s new, used or the car you already drive.

Flare Car is exclusively available to you as an employee benefit at your workplace. If you’re not sure whether this program is offered by your employer, get in touch and we can help you find out.

Information provided in this article is of a general nature only and we have not taken your personal financial objectives, situation or needs into account. Flare Cars strongly recommends seeking independent financial advice to take into consideration your own personal financial circumstances before entering into any lease arrangement.

Your credit rating: Why does it matter?

Posted on May 18, 2021August 9, 2023 by Cassiano Pessoa

Credit ratings. You hear a lot about them but there’s not much out there actually explaining what a credit rating is, and what lenders use to calculate them. So, here’s the lowdown.

What is a credit rating?

Lenders use your credit rating to decide whether to approve you for credit or lend you money. In simple terms, the rating helps them understand how likely you are to pay back any money they lend to you.

That means, whether it’s a credit loan, business loan or a home loan, your credit rating is a key metric lenders analyse in the approval process. It can also affect stuff like approvals for mobile plans, power or water, and bank overdrafts.

When it comes to the rating itself, it’s usually a score from 0 to 1200 or 0 to 1000. The higher the number, the less likely lenders think you will default on the loan. It’s worth taking the time to get your rating in decent shape as information can stay on it for years.

Where do I find my credit rating?

Credit reporting agencies, the companies that compile your credit rating, usually use a five-point scale — excellent, very good, good, average and below average — with people at the bottom of the ladder, down near zero, commonly finding it challenging to access credit.

You can get a copy of your credit report and credit score for free every 3 months by contacting a credit reporting agency like Equifax, Experian or illion. There are also online credit score providers that will give you your credit rating, usually in a matter of minutes, in return for you letting them use your personal information for marketing purposes.

How’s my credit rating calculated?

This is what can seem so mysterious. You may think you have a pretty good history on credit, but then get a nasty shock when you get a look at your actual credit rating.

So what exactly is taken into account to work out your credit rating? According to the federal government, your credit report, which is the official document that contains your credit rating, includes personal information like your name, date of birth, address and driver’s licence number as well as info from your financial past.

Once you get past all that, then comes the important stuff. This is the information that pertains to your credit rating and includes any defaults on utility bills, loans and credit cards, your repayment history, previous credit applications, bankruptcy and debt arrangements if you have any, and previous credit report requests.

How can I boost my credit rating?

There’s no silver bullet here, but there’s certainly lots of things you can do to help bolster your credit rating. Simply put, it comes down to being on top of your finances. It’s mostly action like paying bills on time, making minimum repayments on credit cards and personal loans, and regularly checking your credit score to make sure no errors have occurred.

On the flip side, you also need to ensure you’re not doing things that will damage your rating and see you slip down the credit score ladder. On this front, it’s a good idea not to do things (if you can avoid it) like maxing out your credit card, missing loan repayments, making multiple credit applications in a short space of time, or getting court orders made against you for outstanding debts. That last one in particular is sure to hit your credit rating hard.

Remember, whether you’re just applying for a new credit card or looking to make a big life decision like buying a new home, lenders will likely examine your credit rating before approving your credit application. So take the time to get yours looking as good as possible.

Information provided in this article is of a general nature only and we have not taken your personal financial objectives, situation or needs into account. We recommend you consider if you need to seek professional financial advice before making any financial decisions.

Determine your financial wellbeing score with these five questions

Posted on April 21, 2021August 9, 2023 by Cassiano Pessoa

A simple and easy way to start cultivating financial wellbeing is with a self-assessment to determine your financial wellbeing score. Not only is this a super way to review your finances, it’s also an opportunity to take stock of your financial situation and make positive changes (if needed). Given the current financial climate, now is the opportune time to undergo a financial health check. In the March 2023 quarter, all five Living Cost Indexes (LCIs) in Australia experienced rises, including Health, Housing, Food and non-alcoholic beverages, and Insurance and financial services. Medical and hospital services saw a 4.2% increase due to higher fees and private health insurance premiums. Electricity and gas prices rose by 14.3% due to higher wholesale prices, while food prices increased due to weather-related impacts and higher input costs. Put simply – it’s an expensive time to be alive, so let’s dive in and determine your financial wellbeing score.

What is financial wellbeing?

While there’s no strict definition, the term ‘financial wellbeing’ is often used to describe a state that includes being able to meet your financial obligations, having enough financial freedom to enjoy life, being in control of your money, and having solid financial security. ANZ defines strong financial wellbeing as ‘having enough money to meet your needs now and in the future.’

When looking for signs of financial wellbeing in your day-to-day life, it’s often a good thing if you can stay on top of your bills and debt, have enough money put aside for emergencies, and keep extra cash on hand so you can plan for important future expenses, like a house deposit or education expenses.

The state of financial wellbeing in Australia

While 60% of employees are content with their current compensation, “financial pressure” was found to be the most stressful factor in a survey of 1,500 Australian workers commissioned by Flare. It is not shocking, given the state of the economy right now. In particular, housing costs are cited by 77% of workers as a source of moderate to high stress¹. Now is as good a time as any to prioritise your financial health, as the rising cost of housing is unlikely to ease pressure anytime soon.

Knowing your level of financial wellbeing enables you to better understand your saving and spending behaviours, giving you a money snapshot that can be used to make adjustments.

What’s more, in addition to small tweaks to spending and saving, assessing where you’re at in terms of financial wellbeing on a regular basis can help you break bad money habits and assist you to reach your financial goals faster.

RELATED: Tax savings – how can your car help?

What questions should I ask?

When it comes to assessing where you sit in terms of financial wellbeing, one common method is to ask yourself a set of questions, and then give yourself a rating on each.

One of the most well regarded, and quickest to use, Aussie financial wellbeing surveys asks respondents to answer from 4 (completely) to 0 (not at all) on the following five questions. See how you go on the following:

Once you’ve determined your score for each, multiply the total by five, and this will give you your overall financial wellbeing score. A score of 0 to 22.5 means you’re “having trouble” on financial wellbeing, 25 to 47.5 means you’re “just coping”, 50 to 75 means you’re “getting by”, while 77.5 to 100 indicates you’re “going great”, and is the top category.

Thankfully, if you didn’t score as high as you’d like, or just want more financial peace of mind, financial wellbeing can move up or down depending on the decisions you make.

Whatever the result, you can feel positive that a financial self-assessment is the first step to better financial wellbeing and getting your personal finances headed in the right direction.

Information provided in this article is of a general nature only and we have not taken your personal financial objectives, situation or needs into account. We recommend you consider if you need to seek professional financial advice before making any financial decisions.

¹Flare National Employee Benefits Index, 2023.

5 practices to build a strong workplace culture from the Best Places to Work winners

Posted on December 8, 2020August 11, 2023 by Chris James

Every year, a research institute called Great Place to Work Australia compiles a list of organisations that are considered to have the most desirable company cultures. This ranking is based on surveys of nearly 40,000 Australian employees, as well as an evaluation of the employers’ policies and procedures.

According to the research institute, a great place to work can be defined as one “where you trust the people you work with, have pride in what you do, and enjoy the people you work with.” But what exactly does this mean? We took a closer look at what these top-notch companies are doing to keep their employees happy and identified four best practices that you can put into action with your own workforce.

5 Best practices to build a strong workplace culture

Drawing inspiration from the 2020 Best Places To Work list, we’ve pulled out some of the best practices that these companies use to strengthen their workplace culture.

1. Take a purpose-driven approach to business

Purpose-driven organisations have clearly identified their reasons for existing – beyond just their profits, products, and services. And this purpose is infused into every aspect of their business, from the employee experience to the business strategy. These are the types of companies that people increasingly want to work for – especially Millennials, with 84% of this demographic believing that making a difference is more important than professional recognition.

This is a lesson that Interactive embodies well, and is the first step on Interactive’s five pillar wellbeing strategy, which is likely why it’s ranked first in this year’s Best Places To Work list. Director of People and Culture at Interactive, Merylee Crockett shares the other pillars on her list:

Start with purpose – A commitment to keeping your why at the core of every decision you make.
Safety – A commitment to keeping each other safe and investing in the physical and psychological wellbeing of our people.
Connection – A commitment to a connected and collaborative workplace.
Health – A commitment to nurturing your physical, mental and financial health.
Resilience – A commitment to learn from any adversity thrown your way.

At Interactive, building a resilient culture requires an integrated approach across all five pillars to succeed. Leaning on these pillars has allowed the workforce to stay resilient together by coping with adversity, continuing to build and adapt, and learning from their experiences.

2. Make your leaders accessible to employees

Employees want to hear from their leadership team regularly – especially during times like today when circumstances are constantly changing. In fact, this type of engagement is so important that 91% of employees say communication issues can drag executives down.

That’s likely why IT service provider Insentra, which has featured on the Best Places To Work list for five years running, is focused on opening up communication channels between its executive team and the rest of the organisation – especially after going fully remote during COVID-19. Insentra’s co-founder and CEO, Ronnie Altit, explains that he’s been making a more conscious effort to engage in conversations with employees across all levels – even if that’s just sending them a quick message to say hello.

He’s also trying to make himself as accessible by hosting weekly team calls that provide employees with an opportunity to ask questions, engage in conversations, or simply provide an update on how things are going across the rest of the organisation.

3. Care personally

One of the most common themes we identified on Australia’s 2020 Best Places To Work list is the importance of caring personally. In response to the global pandemic, employers have stepped up to provide their teams with the resources and support they need to stay healthy, productive, and optimistic during these challenging times.

For example, Terlya Hunt the People Experience Manager at SafetyCulture went above and beyond to keep their employee as happy and healthy as possible during the pandemic. The company launched a new EAP to help employees build mental fitness, provided education on how to hold space for vulnerable conversations, and set weekly themes for Mental Health Month in October to cover all aspects of wellness – such as finances and nutrition.

4. Listen to what your employees have to say

Companies with strong cultures always listen to what their employees have to say. Many times, HR teams and company leaders make assumptions about what their workforce wants – and it’s not always aligned with reality. To prevent this from happening, use tools like pulse checks and surveys to collect feedback from your employees.

These types of listening strategies are a huge part of what sets the best companies apart from the rest. SAP Australia, which is on the 2020 list for Best Places To Work, released a remote ‘pulse check’ this year so that their employees could regularly share how they’re feeling and what management could do to support them. Similarly, Insentra has been continuously surveying its workforce to identify any communication gaps.

5. Build a culture of resilience

Lucy Horne, a researcher from New Zealand, defines resilience as a trait that allows people to adapt to and learn from adversity. During the pandemic, HR analysts like Josh Bersin have been stressing the importance of building resilient organisations, cultures, and people. Not only does this allow companies to survive tough times, but it’s also integral to the wellbeing of employees.

Lucy Lithgow the General Manager of People and Culture at BPAY set up a various initiatives across her organisation to give her staff more autonomy and trust because this is something she believes is key in driving a resilient culture. During this time, BPAY went from a good employee engagement rate to a 92% engagement rate this year. Some of the initiatives Lucy implemented includes: removing the requirement for employees produce a medical certificate if need the day off, removing the company dress code and finally allowing all employees to be given access to the recognition budget so that they can now recognise and reward a colleague or a peer for going above and beyond. These things have really helped BPAY foster a resilient culture.

There’s so much we can learn from these inspiring companies and their HR teams – especially today, when workplace culture is more critical than ever before. Take these learnings from the organisations featured on the Best Places To Work list and put them into practice today. To learn how Flare HR’s free onboarding software and employee benefits can strengthen your company culture, request a demo.

How to address mental health in the workplace

Posted on October 14, 2020August 9, 2023 by Chris James

Addressing mental health in the workplace is becoming increasingly important – for several reasons. First, employees can’t perform their best when they’re not mentally well. Work also tends to be a primary source of stress for many people, which means that companies have a responsibility to help alleviate some of that burden. Given this, it’s critical for HR teams to prioritise and support the mental health of their workforce. We’ll share ideas to help you accomplish this.

The importance of mental health in the workplace

Before we get into the recommendations, let’s take a closer look at how mental health issues are impacting your employees. According to the 2019 Thriving Workplace Survey National Report, which surveyed over 10,000 Australian workers in a broad range of industries and occupations, 50.6% of the Australian workforce had experienced a mental health condition.

Unfortunately, work was one of the top reasons for these mental health issues – with two in five employees reporting that their workplace either caused their condition or made it worse. This is largely due to factors like high-stress deadlines, unmanageable workloads, and demanding clients. As a result, these work-related mental health conditions cost approximately $543 million in workers compensation and $750 million in life insurance claims paid to Australians.

Despite these pervasive issues, more than half of Australian workers don’t believe their employers have taken any actions to improve their wellbeing. This demonstrates that there’s a clear gap between what employees need to perform their best and what companies are actually doing to support this need.

Ideas to help employees with mental health at work

If you truly want to address the mental health of your employees, there are various steps you can take as an HR team. Some of these recommendations come in the form of additional benefits, while others are behaviors you can start putting into action today. Choose whichever ideas are the most aligned with the needs of your workforce, and go from there.

1. Invest in mental health benefits

Now is a great time to update your benefits package and include offerings that improve emotional wellbeing. For example, we’re partnering with Headspace for Work to support Flare’s customers on their journey to bring mental health programs and wellbeing into their workplaces. Another idea is to cover the cost of counseling sessions or a virtual therapy app for your employees.

If you have a limited budget and can’t introduce significant programs like this right now, start small. Give employees designated “mental health” days to take time away from work and recharge. Or host a virtual series of employee-led wellness events to guide people through meditation or yoga sessions. There are many creative ways to incorporate more mental-health focused offerings into your employee benefits.

2. Create a culture of wellness

Aside from benefits, we encourage organisations to make wellness a foundation of their company culture. What exactly does this mean? This means making work a place where it’s normal and encouraged to be honest about topics related to mental health. There are several ways to achieve this type of culture.

First, invest in mental health training for the entire company. This will help everyone better navigate conversations about mental health and develop more compassion for those who are struggling. Also, consider introducing safe spaces for employees to discuss their own progress or hardships with their mental wellness – this can be in the form of an Employee Resource Group, Slack channel, or monthly meeting. Finally, encourage your executive team to lead by example. When the CEO is willing to speak openly about a tough topic, it’ll inspire the rest of the organisation to follow suit.

3. Commit to specific goals

It may be helpful to identify metrics when it comes to these mental health initiatives. Not only will it help you track progress, but it’ll also hold everyone accountable to these investments. So whether it’s aiming to reduce the stress levels of employees by 10% or having 90% of your employees feel that their mental health is supported at work, commit to specific goals.

From there, you can use regular wellness surveys, employee focus groups, or one-on-one conversations to gauge how your company is progressing. Collecting this type of feedback can also alert you to programs that aren’t performing as they should and give you an opportunity to iterate on them as needed.

Mental health plays such a huge role when it comes to the overall happiness, performance, and wellbeing of your employees. Don’t overlook this critical aspect of your HR strategy and make sure to introduce initiatives that support the mental health needs of your workfroce.

If you have any employees who need support, be sure to check out Wellness@Work, a free hub designed to support HR and Australian workers by giving them access to free content.

If you’re looking for an additional HR software to support your business, Flare offers a free onboarding software with employee management and benefits. To learn more, please request a demo.

How to run a financial literacy workshop for employees

Posted on August 27, 2020August 11, 2023 by Chris James

We constantly hear about the importance of financial wellbeing. But how can we actually help our employees achieve this state? The answer lies in building up their financial literacy. While there are many ways to accomplish this, we believe that workshops are one of the most powerful approaches to financial education. In this post, we’ll share recommendations on how to run impactful financial literacy workshops for your employees.

What is financial literacy, and why is it so important?

Before we dive in, let’s explore exactly what financial literacy is and why it’s foundational to achieving financial health. Financial literacy is having the knowledge to make informed financial decisions. This can be anything from understanding how to invest at the right times to knowing how to save toward a significant milestone like a house or a car.

A lack of financial literacy is a significant problem in Australia. A survey found that fewer than half of all Australians could answer five basic financial questions correctly. The reason why this is significant is because low levels of financial literacy translates to poor financial health.

That same survey found that poverty rates among the least financially literate are twice as high compared to the most financially literate. People with lower financial literacy are also less likely to participate in household budget decisions, tend not to save as much money, and are more vulnerable to financial stress – a factor that costs Australian businesses an estimated $31.1 billion per year in lost revenue.

Related article: 5 Ways to help your employees improve their financial wellbeing

Steps to run a financial literacy workshop for employees

One of the best ways you, as the employer, can help combat these low rates of financial literacy is with education. Workshops, in particular, are a great way to get your employees engaged in their financial education. Not only are workshops interactive, but also having a large group of people at your organisation participate in them can make learning about finances less intimidating for others.

1. Identify your employees’ needs

Before you design your financial literacy workshop, it’s important to understand exactly what your employees want to gain from the experience. That’s why we recommend distributing a short survey ahead of time to figure out what your workforce most wants to learn from the workshop. This will help you design a curriculum that’s truly valuable.

For example: perhaps your workforce feels most urgently about learning how to save money – especially given the current circumstances with COVID-19. Instead, you host a workshop that’s solely focused on investing because you made an assumption about what would be interesting to the company. As a result, you disincentivise employees from joining future workshops since they’re not addressing their most pressing needs.

2. Craft a workshop series that addresses these needs

Once you have a clear understanding of what your employees want to gain from the workshop, it’s time to use that feedback to craft your workshop series. Outside of the content, there are other considerations to think about as well. Use the questions below to guide the design of your workshop:

How many workshops will there be in total?
How long will each workshop be?
What will be the cadence of these workshops (bi-weekly, monthly, etc.)?
How will we accommodate for employees in different time zones?

Make sure to answer these questions from the perspective of what’s best for your employees. So if you know many of your employees have young children, try to schedule shorter sessions that happen at a reasonable time of day. Or, better yet, have multiple session options so people can choose a time that’s best for their schedules.

Related article: 10 Ideas to help you boost your employee engagement

3. Choose a top-notch facilitator

It’s critical to choose an engaging, professional, and knowledgeable facilitator for your workshop sessions. Facilitators are trained to lead conversations about various financial subjects, but they’re not necessarily certified accountants or financial advisors.

There are a few criteria to take into consideration when choosing a facilitator. Choose an individual who has expertise in the specific topic you want to address – whether that’s budgeting or investment portfolios. Similarly, make sure they have experience facilitating in a virtual environment since most of us are still working remotely. The last thing you want is to hire someone who is uncomfortable on video calls and ends up leading an unproductive session.

4. Set expectations

It’s important to be clear with your employees about what they’ll gain from these workshops. You don’t want them to go into the experience thinking they’ll receive personalised financial advice from their facilitator. Instead, in all your communication about the workshop, let people know that the purpose of these workshops is to gain a basic understanding of important financial subjects. If they want additional resources to improve their sense of financial wellbeing, there are certainly ways you can support them! But these financial literacy workshops are solely for general education.

5. Build anticipation around the workshop

Now that you have the financial literacy workshops scheduled and in place, how do you get your employees to actually join? In addition to announcing the workshop at your next all-hands meeting, there are other creative tactics you can implement to build anticipation around the workshop:

Set up catchy Slack reminders about the upcoming workshop
Incentivise participation by offering a random prize drawing for those who join
Ask the CEO to join and encourage participation
Communicate the benefits that come with increasing financial literacy
Take photos (or screenshots) and create a “teaser” video after the first workshop to encourage more people to join for the next one

6. Follow up with a survey

Finally, just as we started the financial literacy workshop with a survey, we want to end with one too. After the first session, ask your employees how they felt about the experience. Specifically, did they gain value from it? If not, what could have been improved? Also ask questions about the facilitator to make sure they’re the right fit for your workforce. You can then use all the feedback you collect to make adjustments before your next workshop.

Workshops are a fantastic way to help your employees with their financial literacy and, in turn, improve their sense of financial wellbeing. Use the steps we outlined above to run a financial literacy workshop that will be impactful for both your workers and your business.

If you have any employees who are in need of support, be sure to check out Wellness@Work, a free hub designed to support HR and Australian workers by giving them access to free content.

If you’re looking for an additional HR software to support your business, Flare offers a free onboarding software with employee management and benefits. To learn more, please request a demo.

What is a novated lease and how does it work? Here’s everything you need to know

Posted on August 19, 2020August 9, 2023 by Chris James

We’re always trying to think of the best benefits to offer our employees. Ones that will either relieve or solve a pain point they’re facing and generally make their lives easier. A benefit that you may not have considered yet, but checks both of these boxes, is a novated lease.

If you’re unfamiliar with this concept, don’t worry! In this post, we’ll explain exactly what a novated lease is, what the benefits are, and what this financial offering looks like in action.

What is a novated lease?

In the simplest terms: a novated lease allows employees to finance a new or used car by having their employer make payments out of their salary package with pre-tax deductions. These payments include the cost of running expenses as well, such as maintenance, insurance, and petrol.

In other words, it’s a deal between an employee, a finance provider, and an employer to lease a vehicle. The key word here is lease. As you might be aware, this is a bit different from renting or owning a car. With a lease, your employee is paying down a certain amount for a specified period of time (usually anywhere from one to five years). At the end of the lease period, they can choose to take out a new lease with a different car, extend the existing lease, or buy the car by paying the residual amount.

You may be wondering: why should I offer my employees a novated lease when they can just finance their own cars? This is a great question. As you’ll see in the next section, a novated lease comes with many benefits.

The benefits of a novated lease

There are many upsides that come with offering a novated lease – for both the company and your employees. Let’s dive into some of the top benefits below:

For employees

Tax savings. Of course, the biggest advantage to a novated lease is the tax break! Since the novated lease payments are coming out of your employee’s pre-tax income, that means your employee’s taxable income will be significantly reduced. Your employees also don’t have to pay the goods and services tax (GST) that they would normally have to if they were buying a car themselves. As a result, they’ll have much more disposable income to spend in other areas of their life.

Less logistics. Another benefit of the novated lease over other methods of financing a car is the reduction in logistics. Instead of having to manage multiple payments – from monthly loans to car maintenance expenses – everything is simplified into a single monthly deduction from your employee’s paycheck. And since the process is largely managed by the employer and the finance provider, your employee doesn’t have to stress about budgeting or scheduling payments.

Flexibility. A novated lease also gives your employees more flexibility. At the end of their lease, employees can choose to upgrade to a different type of vehicle, brand, or style since they don’t own the car. For example, if their family grows, they can opt to start a new lease for a larger car to accommodate their needs. Similarly, if the employee ends up loving the car they leased, they can also choose to buy that car by paying off the remaining cost.

For employers

More talent. Offering a novated lease is a great way to stand out from the competition when it comes to attracting new talent. It’s a fantastic benefit that will help employees save money and demonstrates that your organisation cares about their financial wellbeing. The best part? It costs you very little to do so – especially compared to alternative options like managing a company fleet.

Low risk. Another great benefit is that there’s very little risk to your business with a novated lease. Vehicles under this agreement aren’t considered an asset or liability to your company. Plus, the vehicle doesn’t become your responsibility if your employee decides to leave before the end of the lease.

How does a novated lease work?

Now that you have a clearer understanding of the novated lease, let’s talk about what it looks like in action. At Flare, we offer a novated lease option that employers can register their workforce for. Once you’re signed up, the steps to get your employees set up with a novated lease are fairly straightforward:

Check eligibility. If your employee wants to take advantage of the company’s novated lease benefit, you just have to make sure they’re eligible! Eligibility requirements tend to differ depending on the organisation. For instance, some employers don’t extend the benefit to casual workers since their pay tends to fluctuate. Once you’ve determined that your employee qualifies, give them the thumbs up to pick a car!

Enter into a lease agreement. As we mentioned before, this will be a three-way agreement between you, your employee, and a finance provider. At this step, you’ll decide things like how much of the employee’s pre-tax salary will be taken out for the repayments under the novated lease, how long the lease is for, etc. There’s also some paperwork that will need to be completed, such as the finance lease agreement and the novation agreement.

Make repayments on behalf of your employee. Once all the details of the lease are settled, all you have to do is make sure to set up the deductions from your employee’s pre-tax salary and make repayments directly to the finance provider. Aside from that, the car is largely your employee’s responsibility. They will come to you if they have additional questions or concerns.

As you can see, the novated lease is a great benefit to consider adding to your employee offerings. Not only does it give your workforce a flexible financing option for a car, but it also provides them with many additional benefits like tax savings and reduced stress around the logistics of owning a car. If you’re curious to learn more, check out Flare Cars for more information.