Financial stress is accounting for a 6.9 hour loss in productivity, according to analysis from Flight Centre of its 20,000 strong workforce.
Flight Centre Travel Group has pledged its commitment to improving the financial resilience of its 20,000 people with the launch of an inaugural Financial Inclusion Action Plan (FIAP).
FCTG is one of 30 Trailblazer organisations leading the way with a formal commitment to provide measurable actions via its FIAP.
“I’m proud to say we are the first organization in the retail travel space to formally recognise the importance of improving the financial resilience of our people,” MD Graham ‘Skroo’ Turner said.
“Demonstrating that we take responsibility for the broader financial capabilities of our people is aligned to our core philosophies and helps us to attract the best people in the industry,” he said.
In 2015, Australia committed to financial inclusion by agreeing to international obligations including the G20 Financial Inclusion Action Plan and the United Nation’s Sustainable Development Goals. As part of this commitment, the Australian Government appointed Good Shepherd Microfinance to develop a Financial Inclusion Action Plan (FIAP) program.
FCTG joins 29 other well-known organisations including banks, law firms, charities and universities and collectively, these organisations employ more than 250,000 people and service 80% of the population.
FCTG’s Financial Literacy and Capability Business Leader, Stacey Beckley, said increasing financial awareness is the number one objective for her business unit, Moneywise.
“We have calculated we are losing approximately 6.9 hours of productivity a week for every employee who is experiencing financial stress.
“The more financially aware we can make our people, the more control they can take of their finances to make smart decisions and avoid getting into unnecessary debt”, Ms Beckley said.
Flight Centre’s 54-point action plan includes a number of initiatives such as access to customised superannuation and insurance products, the roll out of ‘Money Coaches’ across the FCTG network nationally, dedicated financial counselling services for customers in high stress and the adoption of a Financial Stress Indicator to measure and report on overall workplace stress.