B3 Monthly – June 2020 – BeneFit³

Welcome to June’s B³ Monthly. While priorities for businesses continue to be the physical safety of staff as we transition back to the office, now is also the time to review the overall wellbeing strategy, including the mental and financial health of your workforce. This month we touch on how you can support your leaders as they manage the redundancy process, we provide resources on managing immediate cash-flow and long term wealth, and also bust some myths on meditation.

As always, Stanford Brown is on hand to support you keep your staff happy and healthy, so if you are interested learning more about how to implement the below initiatives into your wellness strategy, please reach out.

People-Leader Challenges in a Post-COVID Workspace, Session 2: Managin Redundancies

We continue to address the major challenges people leaders are facing in the current Covid climate. Despite restrictions easing, the market will take a while yet to bounce back and companies will continue to struggle with their bottom lines with staff redundancies an unfortunate consequence.

Being made redundant can be an awful experience for an employee. What is often forgotten, is the toll these decisions and subsequent conversations can have on those giving the hard news.

Watch our three panellists, James McFarland, Lisa Burton and Martine Beaumont discuss how we can better equip leaders to manage the emotions and stress in these challenging economic environments.

Select Wellness have also put together a quick read flyer on managing emotions in difficult times.

Safety First!

As the Pandemic restrictions continue to be eased across the country and our lives post-COVID take shape large organisations now have to start considering the return to work process for their employees. What will this look like? And what is the right way to have everyone come back in a way that meets their needs while also keeping with the current health advice? Let’s look to the essential businesses that remained fully operational throughout the lock-down period and how they navigated the situation.

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In the McKinsey & Company article on Reopening Safely the authors note two key principles from their findings; the first being that safety measures should be tailored to the specific business environment. Secondly, these measures should be implemented across the full range of business activities (not just on-site operations).

Employers should take the time to prepare and educate employees on new protocols before reopening, identify at-risk individuals, and provide additional resources to make the return-to-work as smooth as possible. Once employees are coming back to the office, we must consider both the travel to and from the office and the time spent at work ensuring physical-distancing protocols are maintained. As businesses continue to reopen across the country, nominating a team of well-informed senior employees to manage the company’s return to work approach will allow them to better position the business to adapt and react quickly and protect the health of employees and customers alike.

Retirement riches or leave some for the kids?

We often ask parents making the transition to retirement about what’s important to them and what they’re hoping to achieve. More often than not, they tell us they want to have the comfortable retirement that they’ve worked hard for and they also want to help their kids. In this webinar, we share our seven top tips for finding the right balance for you. Please feel free to share this resource with your employees. Get in touch if you would like to design a tailored financial wellbeing education program for your workplace [email protected].

Watch here. 

Boost employees’ budgeting skills

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With uncertainty all around and recession knocking on Australia’s doorstep we need to prepare ourselves for the next 12 months and the challenges this may bring to households. In an effort to tighten up our spending habits to ensure we’re in a secure position, there is no better way than keeping a spending diary.

At Stanford Brown we see the difference that successfully budgeting and a healthy cash flow makes over time to an individual’s financial wellbeing. In her recent article, Jessica Irvine sets out the 7 areas of our spending where we can make cuts to our everyday expenditures and start to see real results in 10 weeks. One example Irvine explores is the savings associated with employee benefits. If your program includes subsidised health insurance or a rewards program (like Rewards Gateway), then there are many opportunities for savings with everyday spending.

The pandemic situation has brought with it some unintended savings for many of us due to a significant reduction in our social spending, transport use etc, but be warned this can’t last forever. For many of us there will be temptation to rush back to our old spending ways. Take this as a chance to educate staff about the importance of being financially responsible, taking their learnings from isolation and building strong budgeting habits so they can afford their financial goals (a new car, a first home purchase, or that overseas holiday everyone is craving – once borders open again!)

Stanford Brown run comprehensive budgeting and cashflow workshops aimed at teaching individuals how to get the most out of their income – reach out if you want to use this opportunity to teach your employees a valuable skill!

Meditation myths stopping you from inner peace

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We all could use some peace and quiet while it feels like the world is crashing down around us.

Meditation is slowly becoming less a spiritual practice done only by trained yogis, and more a mainstream focus that has been proven to reduce anxiety, improve cognition and increase focus.

However, there are still nagging judgements that can keep us from exploring the benefits meditation has to offer. Below are some common myths you or your staff may take as truth when it comes to practising meditation.

Myth: You must be sitting down to meditate

Fact: Meditation can happen anywhere! On a walk, while you’re swimming, on the train.

Myth: Meditation only works when your mind is completely still

Fact: Meditation is the act of being aware of your thoughts. If you notice that your mind is wandering, then you’re doing it right!

Myth: Meditation is difficult

Fact: Meditation is taking the time to focus on one thing – we already do that with Netflix, cooking dinner or Instagram. Now just focus on something that helps improve your life

Now that we realize that our preconceived notions of meditation may be a bit wonky, it could be a great addition to your benefits program, helping staff feel calmer and more focused in our currently very stressful environment.

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