The following is an extract from the new white paper, ‘Resourcing your financial future: Financial wellbeing for resource industry employees’, published by Resource Super; a specialist provider of superannuation and insurance solutions for people working in the resources sector, and valued AREEA Corporate Partner.
Resource sector wellbeing programs have long focused on health and safety issues that arise from physical risks, but the financial wellbeing of workers has not been as widely addressed.
The resource industry enjoys a highly successful record of implementing programs that support employees by upholding a duty of care. This has been achieved through working tirelessly with government bodies to reach a common goal of safety improvement and zero-harm, and is well reflected by the general trend of decline in mining fatalities and workplace injury and incidents.
Practical measures undertaken, including reviewing mine processes through to investing in equipment and onsite gyms, have helped build the industry’s global reputation as the most progressive in the world.
This concerted effort and commitment to addressing wellbeing has paid off. The number of serious workers compensation claims per 1,000 employees fell by 29 per cent between 2008 and 2013.
But as the commitment to, and understanding of, worker health and safety has developed and improved, it has also brought to light other factors that affect the ability of resources workers to perform at optimal levels.
Personal finance is now the leading cause of stress for men and women, and many companies are seeing the benefit of having discussions with their workforces about ways in which they can plan for their future wealth.
Despite resources employees having higher-than-average incomes, their ability to manage this income is crucial to reducing stress, and ultimately improving both their financial and overall personal wellbeing.
Employees who experience financial wellbeing are likely to be happier, more productive employees, and thus equate to higher retention rates for resources companies.
So how does the industry take the lead on financial wellbeing to ensure that its workforce is both physically healthy and financially fit?
The key is to facilitate a better understanding of financial concepts through education and personalised engagement.
This empowers employees to make decisions advantageous to their financial wellbeing, which can mitigate financial stress levels.
It is important that resource workers receive the best financial literacy and education available to ensure sufficient knowledge of their personal situation and how to properly manage their money.
Helping employees to take charge of their superannuation is essential to contributing to their sound financial future and connects organisational productivity with a financially capable workforce.
To find out more about how you can contribute to employee well-being, download Resource Super’s free white paper.
