Financial Health Assessments

Our financial health assessments at Okuhle Financial Wellbeing are targeted at employees’ goals for the set period. The employee develops these goals with the assistance of the expert financial coach, and a set of targets are developed and reviewed from time to time. Outcomes are then reviewed, and feedback on common themes is then used to assist HR with their training calendars and the identification of prevalent gaps.

Goal realignment is a necessity in these times considering how the world and employees’ financial realities have changed. The levels of uncertainty have increased, and so should provisions by employees for the changed circumstances. Renegotiation may be needed for loan contracts employees have running to support their cash flow.

A lot of employers are facing pressure with regards to benefits offerings and financial assistance to employees affected by the effects of Covid-19. This makes it extremely important for employers to assist the employee early as they plan their year ahead and manage the employee’s expectations of the assistance the employer can directly provide them with.

Employees will need guidance as they access credit to afford their living expenses. Okuhle will also be able to recommend and review financing options for buying a car, house or any other type of asset they may desire so as to recommend fair and affordable options.

The lockdown and shut downs have affected businesses to such an extent that credit providers have tightened their lending criteria and raised requirements for their lending activities. This is due to the rising default rate from those they have extended credit to, with businesses shutting down and salaries being reduced.

A focus on planning and budgeting skills is also incorporated in our coaching programmes, tools and services that we provide the employee. We hope to ensure that the financial challenges the employee is facing are not recurring.

Our strategy for the organisation and employee includes:

1. Addressing specific financial needs for the employee
2. Improving the employee’s financial health
3. Aligning the employee financial health programmes to core values of the organisation
4. Long-term employee engagement through marketing and communications to increase utilisation
5. Reporting back successes and measuring progress of programmes implemented
6. Continued improvement and evolution of programmes and processes to keep up with changing trends in the market and the environment