employee wellness - mr patrick wameyo
TRANSCRIPT
Employee Financial Wellness
A Human Resource Initiative
Patrick Wameyo, ACIB (UK)
What is employee financial wellness?
What is the problem?
Beliefs – what we hold as true!
Character !
Financial Behaviours!
We spend our money on our daily behaviours:
To sustain a character informed by our beliefs.
Change your mind to change your life!
What is employee financial wellness?
What is the problem ?:
Our beliefs about – sources of income
Beliefs determine OUR the character
Character determine OUR Financial indiscipline
Beliefs determine OUR emotional intelligence
What is employee financial wellness?
What is the problem?
We learn beliefs from parents Money is taught at home –
through modelling
Wealth intelligence is taught at home
Emotional intelligence is taught at home
We learn them through observation and action
Financial indiscipline is a behaviour learnt through many
years of repeated action. It is not easy to erase!
What is employee financial wellness?
Employee financial wellness encompasses the entire
financial posture:
Ability to generate money
Ability manage money - effectively and efficiently
Financial discipline (skills & behaviours)
Wealth & Emotional intelligence
What is employee financial wellness?
Employee financial wellness :
Parents influence the quadrants where we
generate money through beliefs created over
a long time
They influence career beliefs
EMPLOYEE FINANCIAL WELLNESS
What is employee financial wellness?
It encompasses
Money skill – to generate and preserve growth
Spending , Savings & Investment Behaviours
Wealth intelligence – turn ideas to cash flow
Emotional intelligence – decisions free of emotions
……Should be a Self aware individual , with clear vision (goals) and passion able to Make financial decisions free of emotion ! Are you?
What is employee financial wellness?
Parents & peers influence our understanding of :
What is employee financial wellness?
Our understanding of INCOME and Expenses:
What is employee financial wellness?
Our understanding of Income sources and
Expenses priorities, true assets and
liabilities determine our wealth :
What is employee financial wellness?
A link between employee job performance to
Employee’s financial skills
Employee’s financial behaviours
Employee’s emotional intelligence
Employee’s overall Financial well being
“The love of money (not money) is the cause of every
problem”
Employee financial wellness
What makes an employee motivated?
Have the tools to perform the tasks
Perception - a Caring employer
Rewards for good & poor performance
Money is a reward tool if used well
Self aware, visionary employees, more self drivenPassionate employees are self motivated, lead othersFinancially successful employees hold stable job tenures
EMPLOYEE FINANCIAL WELLNESS
What makes outstanding performers?
Unique self belief
Strong ability to nurture vision &passion
Sustained actions and behaviours
Financially security
Emotional stability
EMPLOYEE FINANCIAL WELLNESS
EMPLOYEE FINANCIAL WELLNESS
Financial well being is critical
Employee vision has a financial end
Wealth actions cause performance behaviour
Job satisfaction is a by-product!
Why employee financial wellness?
EMPLOYEE FINANCIAL WELLNESS
Employees need Knowledge and skills to dream
to financial freedom
understand own financial circumstances
Plan and execute a financial plan
Save and invest securely
Create passive income
“Nime amua Yu imetanda Kote nchini”
EMPLOYEE FINANCIAL WELLNESSEmployees who can not :
Plan ahead (plan & budget)
Find and use information,
Know when and where to seek advice
Understand and act on the advice
Participate in the investment markets
Lose money in financial scams (DECI)!
EMPLOYEE FINANCIAL WELLNESS
Employees who :
Do not know the risk they can take
Do not know what return to expect
Can not make informed investment
Lose money in financial scams!
Demoralised - resign to complaining
EMPLOYEE FINANCIAL WELLNESS
Why are employees in this state?:
Money skills was not taught in schools
We copy beliefs about money and skills
We are influenced by peers and idols
Our first failures perpetuate a vicious fear
Many mistakes, lost opportunity – hanger for
quick results
EMPLOYEE FINANCIAL WELLNESS - OBSTACLES
EMPLOYEE FINANCIAL WELLNESS
What is a Purposed Life?
A clear vision (mission and goals)
Courage (informed by knowledge)
Creativity – thinks outside the box
Self discipline – can withstand criticism
Self control – able to delay gratification
EMPLOYEE FINANCIAL WELLNESS
ROLE OF HR IS TO NURTURE EMPLOYEE TO:
• Create a personal vision
• Develop courage to act despite fear
• Take creative decisions and actions
• Develop self confidence to withstand criticism
• Develop self control to delay gratification
They need financial literacy NOT awareness!
To lead a purposed life!
EMPLOYEE FINANCIAL WELLNESS – SELF BELIEF
EMPLOYEE FINANCIAL WELLNESS
FINANCIAL SKILLS
Know real assets
Know liabilities
Understand cash flow
Differentiate assets from liabilities
Acquire assets to grow wealth
EMPLOYEE FINANCIAL WELLNESS
WEALTH INTELLIGENCE
Can generate profitable money ideas
Able to take action on the ideas
Produce profitable cash flow
Generate passive income
Acquire satisfaction
EMPLOYEE FINANCIAL WELLNESS
EMPLOYEE FINANCIAL WELLNESS
EMPLOYEE FINANCIAL WELLNESS
How would you invest Ksh.1,000,000 Today
Option 1: Safety strategy
Option 2: Income Strategy
Option 3: Return strategy
An example:
EMPLOYEE FINANCIAL WELLNESS
WEALTH IS MEASURED BY
THE NUMBER OF DAYS THAT YOU CAN
LIVE THE SAME STANDARD OF LIFE
TODAY, WITHOUT HAVING TO WORK.
WEALTH INTELLIGENCE
WEALTH IS MEASURED
By time
Not quantity of money
Each one of us has his own level !
Find your level and work to it !!
EMPLOYEE FINANCIAL WELLNESS
POOR PEOPLE :
Acquire liabilities
Classify them as assets
Use earned income for expenses
Rely on earned income – salary!
EMPLOYEE FINANCIAL WELLNESS
Poverty is a state of mind manifested through a
set of self reinforcing beliefs & actions
Change Your Mind To, Change Your Life
FINANCIAL WELLNESS
Personal Finance Consultants
Financial Education Consultants
Independent Mortgage Advisors
Pension Planning – SME & Personal Pensions
Our Contacts
Patrick Wameyo , ACIB (UK)
CSAP , BSc , MBA
Financial Literacy Coach
Tel. +254 723 786 362
www.financialacademy.co.ke