Employee Wellness - MR Patrick Wameyo

Employee Financial Wellness
A Human Resource Initiative
Patrick Wameyo, ACIB (UK)

What is employee financial wellness?
What is the problem?
y Beliefs – what we hold as true!
y Character !
y Financial Behaviours!
We spend our money on our daily behaviours:
To sustain a character informed by our beliefs.
Change your mind to change your life!

What is the problem ?:
y Our beliefs about – sources of income
y Beliefs determine OUR the character
y Character determine OUR Financial indiscipline
y Beliefs determine OUR emotional intelligence

What is the problem?
y We learn beliefs from parents Money is taught at home –
through modelling
y Wealth intelligence is taught at home
y Emotional intelligence is taught at home
y We learn them through observation and action
Financial indiscipline is a behaviour learnt through many
years of repeated action. It is not easy to erase!

Employee financial wellness encompasses the entire
financial posture:
y Ability to generate money
y Ability manage money - effectively and efficiently
y Financial discipline (skills & behaviours)
y Wealth & Emotional intelligence

Employee financial wellness :
y Parents influence the quadrants where we
generate money through beliefs created over
a long time
y They influence career beliefs

EMPLOYEE FINANCIAL WELLNESS
It encompasses
y Money skill – to generate and preserve growth
y Spending , Savings & Investment Behaviours
y Wealth intelligence – turn ideas to cash flow
y Emotional intelligence – decisions free of emotions
……Should be a Self aware individual , with clear vision

(goals) and passion able to Make financial decisions
free of emotion ! Are you?
Parents & peers influence our understanding of :
Our understanding of INCOME and Expenses:
Our understanding of Income sources and
Expenses priorities, true assets and
liabilities determine our wealth :

A link between employee job performance to
y Employee’s financial skills
y Employee’s financial behaviours
y Employee’s emotional intelligence
Employee’s overall Financial well being
“The love of money (not money) is the cause of every
problem”
Employee financial wellness
What makes an employee motivated?
y Have the tools to perform the tasks
y Perception - a Caring employer
y Rewards for good & poor performance
y Money is a reward tool if used well
Self aware, visionary employees, more self driven

Passionate employees are self motivated, lead others
Financially successful employees hold stable job tenures
What makes outstanding performers?
y Unique self belief
y Strong ability to nurture vision &passion
y Sustained actions and behaviours
y Financially security
y Emotional stability
Financial well being is critical
y Employee vision has a financial end
y Wealth actions cause performance behaviour
y Job satisfaction is a by-product!

Why employee financial wellness?
Employees need Knowledge and skills to dream
to financial freedom
y understand own financial circumstances
y Plan and execute a financial plan
y Save and invest securely
y Create passive income
“Nime amua Yu imetanda Kote nchini”

Employees who can not :
y Plan ahead (plan & budget)
y Find and use information,
y Know when and where to seek advice
y Understand and act on the advice
y Participate in the investment markets
Lose money in financial scams (DECI)!

Employees who :
y Do not know the risk they can take
y Do not know what return to expect
y Can not make informed investment
Lose money in financial scams!
Demoralised - resign to complaining

Why are employees in this state?:
y Money skills was not taught in schools
y We copy beliefs about money and skills
y We are influenced by peers and idols
y Our first failures perpetuate a vicious fear
y Many mistakes, lost opportunity – hanger for
quick results
EMPLOYEE FINANCIAL WELLNESS - OBSTACLES
What is a Purposed Life?
y A clear vision (mission and goals)
y Courage (informed by knowledge)
y Creativity – thinks outside the box
y Self discipline – can withstand criticism
y Self control – able to delay gratification

ROLE OF HR IS TO NURTURE EMPLOYEE TO:
• Create a personal vision
• Develop courage to act despite fear
• Take creative decisions and actions
• Develop self confidence to withstand criticism
• Develop self control to delay gratification
They need financial literacy NOT awareness!
To lead a purposed life!

EMPLOYEE FINANCIAL WELLNESS – SELF BELIEF
FINANCIAL SKILLS
y Know real assets
y Know liabilities
y Understand cash flow
y Differentiate assets from liabilities
y Acquire assets to grow wealth

WEALTH INTELLIGENCE
y Can generate profitable money ideas
y Able to take action on the ideas
y Produce profitable cash flow
y Generate passive income
y Acquire satisfaction
How would you invest Ksh.1,000,000 Today
Option 1: Safety strategy
Option 2: Income Strategy
Option 3: Return strategy
An example:
WEALTH IS MEASURED BY
THE NUMBER OF DAYS THAT YOU CAN
LIVE THE SAME STANDARD OF LIFE
TODAY, WITHOUT HAVING TO WORK.

WEALTH INTELLIGENCE
WEALTH IS MEASURED
y By time
y Not quantity of money
y Each one of us has his own level !
Find your level and work to it !!

POOR PEOPLE :
y Acquire liabilities
y Classify them as assets
y Use earned income for expenses
y Rely on earned income – salary!

Poverty is a state of mind manifested through a
set of self reinforcing beliefs & actions
Change Your Mind To, Change Your Life

FINANCIAL WELLNESS
y Personal Finance Consultants
y Financial Education Consultants
y Independent Mortgage Advisors
y Pension Planning – SME & Personal Pensions

Our Contacts
Patrick Wameyo , ACIB (UK)
CSAP , BSc , MBA
Financial Literacy Coach
Coach@financialacademy.co.ke
Tel. +254 723 786 362
www.financialacademy.co.ke

Employee Wellness - MR Patrick Wameyo

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Employee Financial Wellness

A Human Resource Initiative

Patrick Wameyo, ACIB (UK)

y Beliefs – what we hold as true!

We spend our money on our daily behaviours:

To sustain a character informed by our beliefs.

Change your mind to change your life!

y Our beliefs about – sources of income

y Beliefs determine OUR the character

y Character determine OUR Financial indiscipline

y Beliefs determine OUR emotional intelligence

y We learn beliefs from parents Money is taught at home –

y Wealth intelligence is taught at home

y Emotional intelligence is taught at home

y We learn them through observation and action

Financial indiscipline is a behaviour learnt through many

years of repeated action. It is not easy to erase!

y Ability to generate money

y Ability manage money - effectively and efficiently

y Financial discipline (skills & behaviours)

y Wealth & Emotional intelligence

y Parents influence the quadrants where we

generate money through beliefs created over

y They influence career beliefs

y Money skill – to generate and preserve growth

y Spending , Savings & Investment Behaviours

y Wealth intelligence – turn ideas to cash flow

y Emotional intelligence – decisions free of emotions

……Should be a Self aware individual , with clear vision

Expenses priorities, true assets and

liabilities determine our wealth :

y Employee’s financial skills

y Employee’s financial behaviours

y Employee’s emotional intelligence

Employee’s overall Financial well being

“The love of money (not money) is the cause of every

What makes an employee motivated?

y Have the tools to perform the tasks

y Perception - a Caring employer

y Rewards for good & poor performance

y Money is a reward tool if used well

Self aware, visionary employees, more self driven

What makes outstanding performers?

y Unique self belief

y Strong ability to nurture vision &passion

y Sustained actions and behaviours

Financial well being is critical

y Employee vision has a financial end

y Wealth actions cause performance behaviour

y Job satisfaction is a by-product!

y understand own financial circumstances

y Plan and execute a financial plan

y Save and invest securely

y Create passive income

“Nime amua Yu imetanda Kote nchini”

y Plan ahead (plan & budget)

y Find and use information,

y Know when and where to seek advice

y Understand and act on the advice

y Participate in the investment markets

Lose money in financial scams (DECI)!

y Do not know the risk they can take