Ahead of the marcus evans HR Summit 2021, read here an interview with Emma Baxter discussing what HR leaders can do to reduce employee stress and boost productivity

1. Interview with: Emma Baxter,
Director, YOUtax Pty Ltd
“Tax time is a source of increased
anxiety for many Australians. Employers
have an opportunity to minimise the
effect of financial stress among employ-
ees, and protect the productivity of their
organisation by offering financial
wellbeing services as part of their
employee benefits programmes,”
recommends Emma Baxter, Director,
YOUtax Pty Ltd.
YOUtax Pty Ltd is a sponsor company at
the marcus evans HR Summit 2021.
How does personal financial stress
impact employers?
Personal finance issues are a contribut-
ing source of stress in Australia. Of
course, stress in the right doses is
helpful and necessary for human
flourishing, but chronic stress can limit
one’s capacity to live a satisfying and
productive life. It is no secret among
business leaders and HR professionals
that stress and its side effects can
negatively impact an individual’s
physical and mental health, personal
relationships and productivity in the
workplace.
In fact, Worksafe Australia have linked
stress to high levels of unplanned work
absences and sick leave, increased staff
turnover, poor work performance and
poor quality outcomes, attending work
in a withdrawn and disengaged state,
and a rise in presenteeism (staying back
at work unnecessarily because of job
insecurity). According to the Black Dog
Institute, stress costs employers and
the Australian economy upwards of AUD
12 billion in reduced productivity every
year.
What can employers do to minimise
financial stress among employees?
Employers have an opportunity to
minimise the effect of financial stress
among employees and protect the
productivity of their organisation by
offering financial wellbeing services as
part of their employee benefits pro-
grammes.
Tax time in particular is a source of
increased anxiety for many Australians.
It is the time of year where an individ-
ual must face their finances so they can
comply with their tax filing obligation.
This can be overwhelming, especially for
time poor professionals focused on
building their career and achieving some
sense of work life balance.
Corporates including tax services as
part of financial wellbeing programmes
is a great way to offer employees the
chance to connect with a trusted tax
advisor who can guide them through the
taxation process, and offer personalised
advice to improve their overall financial
wellbeing.
How can a tax agent add value to
other employee benefits?
It is quite common for employee benefit
programmes to include superannuation
and private health insurance incentives,
but these set and forget offerings aren’t
subject to review as an individual’s
income and personal circumstances
change year after year.
Both the private health insurance rebate
and superannuation contribution caps
are reconciled in an employee’s annual
tax return. That is why it is advanta-
geous to have a trusted accountant
offering personal advice on these
matters.
A tax agent provides transparency to
the individual (or household) income
and tax position whilst highlighting tax
minimisation strategies, deduction
advice and investment opportunities
every year. They are the most qualified
to provide advice on Employee Share
Schemes and Restricted Share Units.
And for employees on a working visa,
having a tax partner directs them to the
qualified support they need.
What should a company consider
when assessing financial service
providers for their employee well-
being programmes?
When considering partnerships with
financial service providers, employers
should consider what value can be
offered to their employees, and the ease
of integration between the service
platform and existing technology.
Employees are looking for easy digital
access to personalised advice from
professional specialists, which is
precisely what we deliver at YOUtax.
In addition to YOUtax, I would also
recommend the digital financial planning
tool MAP MY PLAN. It is a great platform
which can be used to gain a holistic
view of your finances, and there is no
financial planner trying to sell you a
product. Similar products that include
budgeting features are the YOUtax
Wealth Hub, which contains your
personal profit and loss and balance
sheet, and can include valuations of
your car and property.
Superannuation partners and private
health insurance seem to be the
standard, and reviewing these regularly
is always recommended.
How is a tax accountant different
from a financial planner?
Financial planners specialise in providing
advice relating to investment and
savings strategies, to achieve financial
goals and create wealth for retirement.
They help you decide on the products
that you choose to invest in, whether it
be managed funds, shares, property
etc. An accountant is an expert in tax
legislation who can prepare and lodge
your tax return in compliance with the
law, and offer advice relating to oppor-
tunities to minimise your tax.
Most Australians would see an account-
ant annually, whereas financial planning
is often called upon during big life
transitions such as planning for retire-
ment or investing an inheritance.
Accountants take care of the micro
strategies that determine annual tax
compliance and financial transparency,
whereas financial planners look at the
macro strategies to produce wealth over
time.
Employers have an
opportunity to minimise
the effect of financial
stress among employees
What HR Leaders Need to Know about the
Impact of Personal Financial Stress on Employees

2. T h e H R N e t w o r k –
marcus evans Summits group
delivers peer-to-peer information
on strategic matters, professional
t r e n d s a n d b r e a k t h r o u g h
innovations.
Please note that the Summit is a
closed business event and the
number of participants strictly
limited.
About the HR Summit 2021
The HR Summit is the premium forum bringing elite buyers and sellers together. The
Summit offers chief HR executives and service and solution providers an intimate
environment for a focused discussion of the key new drivers shaping corporate
priorities and HR strategies.
www.hranzsummit.com
Contact
Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division
Tel: + 357 22 849 313
Email: press@marcusevanscy.com
For more information please send an email to press@marcusevanscy.com
All rights reserved. The above content may be republished or reproduced. Kindly
inform us by sending an email to press@marcusevanscy.com
About YOUtax Pty Ltd
We are a progressive tax services company who partner with large companies to support their employees by providing tax
preparation and financial wellbeing services. These services are made available under the companies Health & Wellbeing Program
or Employee Benefits Program. YOUtax services can help eliminate the annual stress of tax time by providing convenient in-house
services.
Dubbed ‘YOUtax Corporate Days’ our advisers travel to your companies locations for 1:1 appointments throughout the tax season.
We offer video chat and telephone appointments for remote staff and attend internal well-being days providing fun and information
for your teams.
www.youtax.com.au
About marcus evans Summits
marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss
strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to
individually tailor their schedules of keynote presentations, case studies, roundtables and one-to-one business meetings.
For more information, please visit: www.marcusevans.com
Upcoming Events
Corporate Learning & Talent Development Summit (North America) - www.cltdsummit.com
HR Strategy & Innovation Summit (North America) - www.hrsummit.com
To view the web version of this interview, please click here:
https://events.marcusevans-events.com/hr2021-emma-baxter