Where does the buck stop when it comes to securing employees’ financial future?

Recently I was asked whether the onus was on me as an employer to ensure my employees were set up for financial success.

It’s an interesting question.

While much has been written about remuneration, bonuses and retention strategies; seldom are business leaders held accountable for helping their employees get ahead, or for that matter, on top of their finances.

It’s a little presumptuous to assume that employees need (or want) the advice of how to spend their wages. But I can’t help but think there may be an opportunity for employers to assist those employees who are looking for information on how to make financially sound decisions.

If we consider that the motivation behind 80 per cent of people’s working weeks is money; and that if we didn’t need money, many of us wouldn’t work; would it not make sense for employers to empower their employees with knowledge to help them allocate their wages towards financially sound outcomes?

I think so. If employers want people to perform well and stay with their organisation for the long haul, we have to look past what will simply keep them turning up to work every day.

Our responsibility as employers, is much, much more than simply paying them every month. We have a responsibility to create a safe, nurturing and fiscally empowering environment that makes their life, well, better.

Obviously it’s none of the employer’s business as to how the employee spends their wage. But I do think at the very least, employers should extend the offer to help team members who want opportunities to get ahead.

In a prior role, I introduced investment seminars to staff to see whether they had an appetite to learn about growing wealth through assets. We had an overwhelming response from people interested to learn how to grow their personal wealth through property. It impressed upon me that financial education is something which is desired by many employees but equally lacking in many workplaces.

Creating sustainable wealth growth is not something that is taught in school. It takes years of self-driven education and accrued experience to be able to navigate the complexities of investing your income wisely, whether it be in stocks, bonds or physical assets such as properties.

As Hodges CEO, I have a responsibility to ensure the financial, physical and mental well being of my staff. On January 1, we launched the Hodges Future Office Fund, with agents receiving $100 for every sale they make. Agents are eventually then able to use the money to buy into their existing office as a director or to open an office of their own.

By offering the Future Fund, I’m hoping to retain our top performers and also attract potential talent. Ultimately I’m wanting to contribute to a happy workplace. After all, when an employee is financially and mentally empowered, it positively affects every part of their life. They are happier and therefore more productive at work. They are more likely to take pride in their role and therefore take ownership and be accountable for decisions.

I have ambitious plans to grow the Hodges network in 2016 and I can’t grow the business alone. I need a team of empowered, talented individuals who love what they do to help me do it.

So, should the onus be on the employer to ensure their employees are set up for financial success? If the business’ success is tied to my peoples’ success: my vote is yes.