Financial Wellness for Employees Top Priority reveals whitepaper by Jify & SHRM
Mumbai (Maharashtra) [India], March 30: Financial wellness start-up Jify joined hands with Society for Human Resource Management to understand financial wellness priorities across Indian firms. Jify & SHRM interacted with 120 CHROs and senior leaders across different locations in India, along with inputs from over 2300 employees across diverse employers to understand employee behaviour. As per the report titled “The Business Case For Financial Wellbeing At Work”, financial wellbeing will take centre stage to become an effective employee engagement and retention tool.
Jify, founded in 2021 by Anisha Dossa Aibara, Anusha Ramakrishnan and Aditya Mehta, partners with corporates to offer zero-cost earned salary access, which serves as an alternative to high-cost predatory credit and saves employees 30%+ of their annual income. SHRM (Society for Human Resource Management) is the foremost expert, convener and thought leader on issues impacting today’s evolving workplaces.
This study reveals that anxiety and financial stress is being experienced by all generations of the workforce. Employees are now turning to their organizations. Companies are equally eager, as they realise the numerous benefits holding financial wellbeing at the fulcrum can bring to their employee value proposition.
As per the findings of the report, hyper- personalization emerged as a game changer. Over 80% of the leaders, during the panel discussion, concurred that there is a significant need for their organizations to first identify the different personas & demographics existing within their workplace, and then craft a benefit package that is relevant to each cohort. Such a hyper-personalized approach is the need of the hour and enables a seamless experience of providing customized solutions based on real-time data which help identify pain points for each cohort.
As per experts, earned wage access (EWA) was the foremost priority to change and inculcate good saving habits amongst employees. Through this program, employees can access their pay on a daily or regular interval basis This enables workers to simply manage their expenses or other obligations without having to worry about common concerns like late fees, fines, predatory borrowing, etc. Instead of receiving their salary at the end of each month, employees can withdraw their salary for the number of days worked for at any given time during that month, when in need.
Highlighting the importance of the same, Anisha Dossa Aibara, Co-Founder and CEO, Jify said, “We at Jify have been at the forefront of driving EWA & financial wellness programmes across 100+ corporates in India. We have observed that EWA not only helps employers regulate cash flows and reduce admin costs but also benefits employees to have a back-up on short-term liquidity. Having access to over 1M employees, we have observed that 70%+ users drawdown salary towards on-time liability payments, health needs and unplanned or emergency requirements. With easy access to cash, financial stress reduces hence leading to lesser impact on mental wellbeing.”
Emphasizing on this innate need for financial wellness, Nitya Vijaykumar, Senior Knowledge Advisor, SHRM India said, “The idea of financial wellness at work has been gaining increasing popularity amongst employers. The new age employers want to ensure that their employees are empowered with necessary financial tools and knowledge. One tool that is gaining significant momentum is earned wage access – employers are resorting to this tool to provide financial flexibility and security. Through our research with Jify, we have also realised the increasing importance of Hyper personalisation. With companies focussing on hyper personalization and taking steps to build a more financially well and aware work environment, it is safe to say that India Inc. is on the right track when it comes to building financially-fit workplaces.”
The report also highlighted the importance of implementing a financial wellness program that would give employees a sense of control over their finances. With over 83% respondents relying on earned salary access tools to improve financial security at the workplace, it can be concluded this is now not only an employer’s priority but a necessity.
Jify is one of the financial wellness platforms for the employed workforce in India. They are a pioneer in on-demand salary i.e. allowing employees to access their earned salary instantly and before the month end pay-check. With Jify, you can avoid high-cost interest charges, or borrowing from friends/ family/employers or paying bank/credit overdraft fees.
To access the full report, click here https://www.jify.co/
As the voice of all things work, workers and the workplace, SHRM (Society for Human Resource Management) is the foremost expert, convener and thought leader on issues impacting today’s evolving workplaces. With 300,000+ HR and business executive members in 165 countries, SHRM impacts the lives of more than 115 million workers and families globally. SHRM provides a platform for thought leadership, sharing of best practices and professional networking within the Indian and global HR communities in order to take the profession higher through continuous and collaborative learning.
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