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Kenya slide show 10 aug 2011 final

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Kenya slide show 10 aug 2011 final

  1. 1.
  2. 2. 10 AUGUST 2011<br />
  3. 3. 09 august: summary<br />INTEGRATED APPROACH TO FWP IN THE <br /> WORKPLACE AS PART OF EWP STRATEGY (Holistic)<br />2. Goal & Purpose of A FWP<br />IMPACT OF FINANCIAL PROBLEMS / OVER-<br /> INDEBTEDNESS (Employees & Employer)<br />4. INDICATORS OF FINANCIAL & Psycho-social wellness (How do we measure the success of our FWP?)<br />5. BMW Financial wellness programme: Pilot project Results& Lessons learnt<br />
  4. 4. Implementing a Financial Wellness Programme<br />(FWP)<br />
  5. 5. Implementing a fWP<br />Step 1: <br />Establish the need <br />Listen to / Ask Employees / Management <br />Conduct focus groups /meetings (Involve role players)<br />Establish success indicators <br />(Why the company wants / needs the FWP)<br />- Payslips (% of salary they take home)<br /> - No of Judgments /Creditors<br /> - No of Loans & Salary advances<br /> - Prepared for retirement /Savings (Rainy day)<br /> - Psycho-social wellness (Morale) & General health<br /> -Poor performance / Productivity (Missed calls, Absenteeism)<br /> - Bribery / Fraud / Theft<br />
  6. 6. Implementing a fWP<br />Step 2:<br />Establish principles<br />Confidentiality<br /> Meet the needs of the individual employee & family<br /> Sustainable<br /> No promotion of brands or financial products <br /> Based on behavioural change and life skills<br /> OHS (On-site Clinic) or HR access?<br /> Other important principles to consider in Kenya? <br />
  7. 7. Implementing a fWP<br />Step 3:<br />Ensure leadership and commitment<br />Needs high level of commitment <br /> Management must understand & support the FWP (Buy-in) <br /> Establish an Action team to :<br /> - Direct the programme around specific needs <br /> - Ensure that an action plan is developed<br /> - Determine a communication strategy<br /> - Allocate & monitor the budget <br /> - Ensure a M&E strategy (Feedback, Success indicators)<br />
  8. 8. Implementing a fWP<br /> Multi-skilled expertise needed (In-house or outsource?)<br />Individuals with a background in psycho-social counselling and financial (debt) counselling :<br /> Social workers / Psychologists<br /> HR <br /> Financial consultants / Debt Counsellors<br /><ul><li> Easier to train behavioural scientists in required financial knowledge</li></ul>than other way round<br />- Multi-professional team approach <br />- Best payment option (Fee for service, Per employee, Retainer)<br />Step 4: <br />Select Service provider<br />
  9. 9. Implementing a fWP<br />Keep employees productive and present at work<br /> Off-site services could pose a challenge<br /> On-site services usually provide better utilization and results<br /> - accessible<br /> - convenient<br /> - reduces drop-out rate<br />Managers should realise benefits to be co-operative<br /> Negotiate upfront suitable times to see counsellor<br />Step 5: <br />Handle the logistics<br />
  10. 10. Implementing a fWP<br />Establish referral resources :<br />Financial and Legal expertise<br />Private practitioners <br />(E.g. Health Practitioners, Psychologists, Social workers)<br />Specialists (E.g. Psychiatrist)<br />Other community resources <br />(E.g. Rehabilitation centres, Welfare organisations, Clinics, <br />Private sector/ Government initiatives ) <br />Step 6:<br />Obtain additional support<br />
  11. 11. Implementing a fWP<br />Establish communication within the organisation<br /> Action team to take responsibility<br />Target group<br /> Media (Posters, Newsletters, Brochures)<br /> Communication plan (Intra / Internet)<br />Keep employees interested in a positive way<br />Step 7: Communicate<br />
  12. 12. Implementing a fWP<br />Track participation on a monthly basis<br />Focus on indicators of success<br /> Utilise Monitoring & Evaluation tools<br /> - Questionnaires<br /> - Interviews<br /> - Feedback meetings<br />Decide who will take responsibility for data collection, monitoring and evaluation of progress <br /> - When and how?<br />Step 8: <br />Monitoring and Evaluation<br />
  13. 13. Monitoring and evaluation<br />Reasons for M&E <br />Stakeholders : Are we meeting our goals and objectives?<br />Transparency and Accountability<br />Decision making and Planning<br />Consider the following:<br />What do we want to measure? (Goals - indicators of success)<br /> How can we measure this? (Methods - Instruments)<br />Who will apply the instruments?<br /> How will the data be collected, analysed and interpreted?<br />
  14. 14. Monitoring and evaluation<br />INSTRUMENTS FOR MEASURING<br />Questionnaire, Interviews, Financial info<br />Critical indicators of success<br />Financial success:<br />Amount of debt, No of creditors, judgments, garnishee orders, Income versus Expenditure, Bank loans, Staff loans, Zero pay, Micro lending, Shylocks, Budget, Savings, Financial Literacy<br />Psycho-social success:<br />Quality of life, Financial behaviour, Support, Ownership and decision making<br />
  15. 15. Monitoring and evaluation<br />DATA COLLECTION<br /> Collect data from all participants<br /> Complete questionnaires in full<br /> Collect data before the start of intervention and at termination or after 6 months – 12 months<br />DATA ANALYSIS<br /> Pre- and post test data for every participant<br /> Dealing with drop-outs <br />The value of other sources of information<br />
  16. 16. Monitoring and evaluation<br />DISPLAYING AND INTERPRETING RESULTS<br />Create visual ways to display results<br />Did the situation improve?<br />Indicate soft and hard factors<br />Compare results<br />Interpretation<br />
  17. 17. IMPORTANT<br />Establish Monitoring & Evaluation from the beginning<br />Measure critical indicators of success<br />Give counsellors training in the use of the measuring instruments (questionnaire)<br />Complete all relevant data for every participant (pre-and post test)<br />Utilize statistics expert, if possible<br />Use results to justify/promote FWP<br />
  18. 18. Implementing a fwp<br />
  19. 19. Basics of the counselling process<br />
  20. 20. the psycho-social counselling process<br />Goal and purpose of Psycho-social counselling<br /> Establish relationship<br /> Listen – deal with emotions<br /> Clarify expectations<br /> Gather information (M&E Tools)<br /> Financial goals<br /> Financial attitude<br /> Financial knowledge<br />
  21. 21. the PSYCHO-SOCIAlcounselling process<br />Assess and address psycho-social needs<br /> Quality of life & Support systems<br /> - Involve significant others, family, friends, employer<br /> General financial wellness <br /> Locus of control<br /> Deeper understanding of situation<br />
  22. 22. the PSYCHO-SOCIAlcounselling process<br />Assess and address psycho-social needs<br /> Plan of action:<br /> - Improve financial knowledge, behaviour, attitude<br /> - Empower & Encourage<br /> - Create long-term perspectives <br /> Referral <br />- Community resources<br /> - Debt counsellors<br /> - Financial and Legal Advisors<br />
  23. 23. “ It is easier to improve a skill than to stop a negative behaviour ”- Kaplan<br />
  24. 24. THE DEBT COUNSELLING PROCESS <br />Goal and Purpose of Debt Counselling<br />A professional service provided to over-indebted employees<br />Developa repayment plan that is:<br /><ul><li>affordable to the employee
  25. 25. acceptable to the creditors</li></ul>Treat debt the same e.g. bonds, vehicle finance, loans<br />Get the employee out of debt, back into the economy<br />The time that employee is under debt review must be fair to employee and creditor<br />
  26. 26. the debt counselling process<br />Assess and address financial needs<br />Obtain overview<br /> Crisis intervention<br /> Money for emergencies<br /> Daily expenses covered<br /> Plan of action<br /> Referral<br />
  27. 27. THE DEBT COUNSELLING PROCESS <br />Results to be achieved from Debt Counselling <br />The rapid rehabilitation of the over-indebted employee <br /> (Re-active and pro-active)<br />Recovery of the affected debts in a reasonable time<br />Fairness to all credit providers on an accepted formula <br />Process kept away from Bureaucracy and Courts<br />Paymaster is secure and auditable<br />The minimization of costs involved<br />
  28. 28. Basics of Personal Financial Management<br />
  29. 29.
  30. 30. BASICS OF PERSONAL FINANCIAL MANAGEMENT<br /> Managing Personal Finances<br /> People are battling to make ends meet - Why? <br />They have never been exposed to the basic principles of managing their monthly income (Financial literacy)<br />They end up with an empty bank account a few days after receiving a salary<br />They have to learn how to stretch their money further<br />They do not manage their finances carefully and implement proper financial planning<br />They do not make provision for possible changes in economy (interest) increase in services etc. <br />
  31. 31. HOW MUCH DO YOU SEE OF AN ICEBERG?<br />
  32. 32. ONLY 10% OF ANY ICEBERG IS VISIBLE. THE REMAINING 90% IS BELOW SEA LEVEL.<br />
  33. 33. Behaviour<br />Knowledge<br />KNOWN <br />TO OTHERS<br />SEA LEVEL<br />UNKNOWN <br />TO OTHERS<br />ATTITUDE<br />MOTIVES – ETHICS - BELIEFS<br />
  34. 34. BASICS OF PERSONAL FINANCIAL MANAGEMENT<br /> Principles of Financial management<br />Changing of financial needs over time and planning for future financial needs<br />Financial dreams and goals (Short, medium and long term)<br />Planning and management of expenses<br />How to build a buffer for unexpected external influences<br />How to decrease your expenses and / or increase your income <br />
  35. 35. BASICS OF PERSONAL FINANCIAL MANAGEMENT<br />  Principles of Financial management <br />Complain re products, services and / or violation of Consumer rights (Know your rights as a Consumer in your country)<br />Credit Reference Bureau (avoiding or rectifying being listed) – this is your financial footprint)<br />The dangers of gambling and winning money<br />Shylocks / Micro lenders / Bank loans (Red and green lights)<br />Financial advisors (the consequences of advice from the wrong person)<br />
  36. 36. BASICS OF PERSONAL FINANCIAL MANAGEMENT<br />  The A-Z of budgeting<br />Budget daily, weekly, monthly, yearly (revisit)<br />Budgeting in a family as a unit<br />Listing of monthly family income, deductions, fixed payments, variable payments<br />Action plan to balance own income and expenditure by reducing expenditure or increasing income<br />Compare actual expenses versus the budget for the same month and explainthe reason for any variances<br />Listing of possible unexpected occurrences and the financial consequences.<br />
  37. 37. BASICS OF PERSONAL FINANCIAL MANAGEMENT<br />Guideline to a personal budget<br />
  38. 38. Positioning the state of your personal finances<br />Financing a vehicle<br />Cost of <br />credit on household items<br />Planning your finances<br />Buying a property or home<br />Financial management<br />Credit<br />Budgeting<br />© LIVWELL Training Institute (Pty) Ltd 2005<br />
  39. 39. CONCLUSION<br />Integrated Employee wellness approach (FWP part of Employee wellness strategy)<br />Employees will be able to understand financial management in their working environment (Staying within the organisation’s budget)<br />They will stop blaming the employer and ‘low salaries’ for their financial problems<br />A lack of motivation, absenteeism and poor concentration will be minimised<br />Employees feel valued which adds to the organisation’s credibility as an employer<br />Financial sound employees- Less temptation for theft, corruption and bribery<br />Lower staff turnover<br />Employees can face people and answer telephones as the fear for debt collectors is removed<br />Employees with a positive attitude are able to deliver a better service! <br />Healthy people = Healthy company = Wealthy company!<br />
  40. 40. Evaluation of the Workshop<br />
  41. 41. EVALUATION OF THE WORKSHOP<br />Goals & Expectations<br />Evaluations forms<br />
  42. 42. Thank you for making a difference with us!<br />diverse expertise ● dynamic approach ● dedication<br />

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