For most spa professionals , money is not their primary motivator . In fact , according to Qnity surveys , over 60 percent of professionals in beauty and wellness state they have some form of math or money anxiety — this means that even talking about money creates a sense of fear , angst or even dread .
And what usually happens when individuals experience fear , angst or dread about something ? They avoid it , and as a result employees can have poor financial health . So why should spa employers and leaders care ?
Here ’ s how this can show up in the workplace : l Lack of understanding that performance at work can enable them to reach their financial dreams . l Confusion around how much money they are actually making ( most commonly , this means significantly underestimating their earnings ). l Misunderstandings about taxes .
l Poor spending decisions , resulting in a failure to save and prepare for the future . l Susceptibility to myths and traps around money , including the ever pervasive “ I ’ ll make more money working for myself ” myth . Why else should you care about this ? According to PwC ,
“ Financially-stressed employees are twice as likely to look elsewhere .” And , according to MetLife , employees who are on track with their financial goals are more satisfied with their current jobs , more committed to their organization ’ s goals , and more likely to be working for the same company in a year .
Translation : Making sure your team has the knowledge and the tools they need to experience greater financial wellness could be your best HR decision yet . So how can you help your team experience greater financial outcomes ? First things first : they have to understand money .
According to the Financial Industry Regulatory
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