Tag: Holistic Health

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Employee Wellness Featured Mental Health 101 Self Help Work in the New Normal

#HavenForHer: How Home Credit Promotes Women’s Safety And Wellbeing In The Workplace

Women’s presence makes the workplace more meaningful. But do organizations create an equally nurturing environment where they can flourish? Companies should cultivate psychologically safe spaces for female employees. And that’s what Home Credit Philippines and its Chief People Officer, Alpha Omega Aquino, are doing.

Alpha was one of the many Filipinas who struggled with work-life balance when she worked abroad. Apart from long, stressful work hours, she had to be absent from important family events, felt isolated, and was constantly on the verge of burnout. Working as a woman in a non-Catholic country and male-dominated industry was challenging due to her gender. These negative experiences led to frustration and anger, feelings of inadequacy, and even depression. 

After 15 years of working overseas, Alpha decided to go back home and eventually found her way to Home Credit in 2019. 

 Home Credit provides world-class financial inclusion, lending, and other similar services to customers, mostly first-time borrowers. They take pride in being a financial ally that develops and delivers innovative financial services for financing purchases, for their clients to save for the future, and for businesses to develop closer relationships with their customers. As the company’s current Chief People Officer for four years now, Alpha takes care of over 14,000 employees, ensuring that their physical, mental, social and financial needs are met. She especially strives to make sure that the women of Home Credit won’t have to experience what she has gone through. 

Creating a #HavenForHer: What Companies Can Do To Promote Women’s Safety And Wellbeing In The Workplace

Home Credit and Alpha are at the forefront of ensuring that Home Credit’s employees, especially women, work in a safe space where they won’t have to feel excluded, stressed, and mentally depleted. “Twice a year we have our eNPS survey, [in] which more than 85% of our employees participate. It’s a very good data point for us to improve the services we provide for our employees,” Alpha tells MindNation. This way, Home Credit can stay on top of employee wellbeing, maintain their job satisfaction, and foster engagement. The data that they gather also informs how Home Credit can address their concerns, create positive mental health outcomes, reduce stress and anxiety, and help employees at risk for mental health issues by providing them with psychosocial support and resources.

Home Credit is also committed to promoting gender equality in the workplace by providing equal pay and opportunities for women to advance in their careers. They also offer hybrid work arrangements and wellness leaves to support work-life balance. In addition, they foster a culture of respect and inclusion by addressing and preventing harassment and discrimination of women and promoting diversity and inclusion.

Home Credit is also committed to promoting gender equality in the workplace by providing equal pay and opportunities for women to advance in their careers.

Supporting Companies In Creating A Gender-Inclusive Workplace Culture

The commitment of Home Credit and Alpha to building a work culture that prioritizes health and wellbeing has earned them Workbean’s Workplace Health Advocate of the Year Award. last March 2023. Read all about it here. With the initiatives mentioned, Home Credit and Alpha successfully created a positive, respectful, and supportive workplace culture that every woman can describe as a #HavenForHer.

MindNation is also committed to supporting companies in creating a gender-inclusive workplace culture that prioritizes employee wellbeing. With the help of our mental health professionals, we can guide you in building a culture of empathy and mutual support that employees will find healthy, fulfilling, and meaningful. For more information, email us at [email protected].

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Featured

MindNation Partners With City Government Of Pasig To Make Mental Health Care More Accessible To Employees And Constituents

The social and economic impact of the COVID-19 pandemic has exposed people to situations linked to poor mental health outcomes, such as isolation from loved ones, fear of the virus, business bankruptcy and job loss, and even return-to-work anxiety. Because of this, experts have declared that the next global health crisis will be a mental health pandemic.

To help address these issues, the local government of Pasig City in the Philippines and MindNation renewed and expanded the partnership that began in December 2020.  Under the terms of the revised agreement, MindNation will be providing FREE mental health services to City Government frontliners. Plans are also underway to extend the same service to Pasig City residents who are small and mid-size enterprise owners.

These services include 24/7 teletherapy sessions with psychologists, 24/7 chat support with a trained mental health professional, mental health webinars, and Premium access to the MindNation app. 

“We are very thankful to MindNation for reaching out to our local government unit and greatly alleviating the stresses of our public servant employees through their advocacies in mental health.”

Atty. Diego Luis Santiago, Asst. City Government Department Head II from the Office of The City Administrator.

The partnership kicked off this morning with an onboarding talk from MindNation Chief Product and Data Officer, Cat Triviño, and a stress management seminar conducted by MindNation Chief WellBeing Officer, Eiza Fusingan for members of the City Government’s Ugnayan sa Pasig Unit and the Office of the City Administrator.

“A barrier to mental health support is inaccessibility; many are unable to receive appropriate, affordable services in a timely manner ” says MindNation Chief Impact Officer Kana Takahashi. “Community partnerships like these are key to improving access to mental health care and ensuring that people know where to go for help.”

“The importance of mental health cannot be overstated, especially from our experience during the time of the pandemic and even during our daily duties. Oftentimes, our frontliners come face to face with stressful situations, affecting us mentally and emotionally, causing new or aggravating already existing psychosocial disorders. We are very thankful to Mindnation for reaching out to our local government unit and greatly alleviating the stresses of our public servant employees through their advocacies in mental health.” says Atty. Diego Luis Santuago, Asst. City Government Department Head II from the Office of the City Administrator.

To explore partnership opportunities with MindNation, email [email protected].

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Employee Wellness Featured

Promoting Holistic Wellbeing In The Workplace

MindNation is running a series of articles about how the finalists for the Workbean Employer Brand Awards are building exemplary work cultures and making health and wellbeing a true organizational priority. 

Winners will be announced on March 2, 2023.

MindNation is the official judging partner for the Workplace Health Advocate Award.

Tala is a global technology company building the world’s most accessible financial services.

MindNation: In what ways is the company’s leadership team prioritizing mental health, and how is it incorporated into the overall business strategy?

TALA: Tala promotes psychological or mental wellbeing and safety in the workplace. Talazens are empowered to speak up with ideas, questions, and concerns. Well-being is also one of the key areas that the management checks every year during our quarterly pulse survey, indicating that Tala is very much aware and concerned about the mental health of our team members, which is also aligned with our overall business strategy and performance.

Talazens have an Employee Assistance Program (EAP) that can help them deal with the issues that somehow diverted their performance. We’ve also utilized our wellbeing and health insurance providers to create a robust annual wellness plan comprised of fitness sessions, webinars, kamustahans, and weekly boosts. In addition to this, Tala has implemented a global company holiday called “Sloth Day ” where Talazens are encouraged to disconnect, unwind, and recharge (on top of their planned leaves and paid time off), and enjoy a relaxing weekend. We also encourage our Talazens to take regular time off when they are able to unplug from work and don’t expect to answer emails or sSack messages until they get back to work.

Global working norms were implemented during the pandemic and are being practiced to this day to help with burnout, increase our effectiveness as a global organization, and prevent work from affecting our personal lives. This includes but are not limited to turning off Slack notifications when not working, not booking any meetings on a late Friday afternoon to prepare for the weekend, and not messaging your colleagues on their time offs or weekends.

Talazens have an Employee Assistance Program (EAP) that can help them deal with the issues that somehow diverted their performance. We’ve also utilized our wellbeing and health insurance providers to create a robust annual wellness plan comprised of fitness sessions, webinars, kamustahans, and weekly boosts.

Meeting Free Week for the last week of December (during the December holidays) was also implemented globally for our team members to unplug so that they’re able to  enjoy a relaxing week of zero meetings.

MindNation: How does Tala promote a culture of open communication and support for employees experiencing mental health issues?

TALA: Tala promotes good mental health to help create a holistic working environment that increases Talazens’ productivity and keeps them engaged at work. We’ve built a culture of connection and feedback through regular 1:1s, group huddles, kamustahans, and office hours where everyone can ask questions and open up. We advocate a good work-life balance and make wellbeing one of the top priorities at Tala. We have a weekly reminder on the Employee Assistance Program wherein they can always reach out to our mental health provider if they’re experiencing any well-being issues or concerns. With our mental health policy in place, we’re also able to communicate and raise awareness among our team members to stay mentally healthy, and not be afraid to raise concerns related to depression, anxiety, stress, burnout, and other mental health issues. We emphasize that Talazens health matters to us.

MindNation is committed to supporting companies in creating a workplace culture that prioritizes the mental and emotional well-being of their employees. With the help of our team of experienced mental health professionals, we can guide you in building a culture of empathy, inclusivity, and mutual support that can help you create a workplace culture that is not only healthy but also fulfilling and meaningful. For more information, email us at [email protected]. 

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Employee Wellness Featured

Top 5 Qualities Of A Good Mentor

A mentor is an experienced or trusted advisor who provides their mentee with the tools, guidance, support, and feedback they need to thrive in their career. A good mentor enhances an employee’s skills, cultivates leaders who can help the company further advance, and drives positive company culture. 

If you want to develop an effective mentoring program in your organization, partner with a mental health and well-being provider to avail of services that build happier, healthier, more empathic teams. Visit www.mindnation.com or email [email protected] to know more about our CareNow Plan© for teams.

Good mentors come in all ages, genders, and even educational attainments. “You can be a good mentor as long as you are dependable, engaged, authentic, and tuned in to a mentee’s needs,” says career and business advisor Grace De Castro of V+A Consulting, a boutique consulting firm with expertise in customized people programs and creative business solutions. 

It is not just a mentee who benefits from the guidance of a good mentor; mentors themselves experience the satisfaction that comes from giving back and having a sense of belonging. “A mentor can find a lot of growth if they are in a group that is supportive and safe, in a community that makes them feel heard and values their life experiences,” shares Grace. 

Mentors themselves experience the satisfaction that comes from giving back and having a sense of belonging.

Grace De Castro of V+A Consulting

If you feel you are ready to take on the role of nurturing someone’s career growth, here are the qualities that you need to be a good mentor:

  1. Optimism. A good mentor constantly uplifts their mentee.  “Make the person feel  that you believe in their potential, that you hear them, and are willing to listen to them,” says Grace.
  2. Teachability. While there are courses and certificate programs for aspiring mentors, these are not requirements to be good in the role. “There are many things you can do on your own to learn to be a good mentor, such as following thought leaders and statesmen on social media so you learn about different perspectives,” advises Grace. “And read! There are so many books that can help you become a better mentor, and don’t limit yourself to non-fiction, self-help, or personal development books. Fiction gives you a different view of how people are and can be great conversation starters. Lastly, immerse yourself with what’s happening outside; have a genuine interest in others.”
  3. An open mind. “A good mentor always comes prepared to be surprised,” advises Grace. “We are all human, which means that most of the time there are deep-seated reasons for mentoring that involve personal issues. So I always make sure I provide a safe space for my mentees if they want to talk to me about deeper matters.”
  4. A real desire to help but no desire to control the outcome. “Sometimes, people don’t necessarily need advice from a mentor; they just need someone to listen to them,” says Grace. “And when you provide a safe space for people to use you as a sounding board, you end up improving more than just careers.”
  5. Trust.  A good mentor never gossips about their clients. “I have lost potential clients because they want to know who else I am working with but I value confidentiality,” says Grace. “A good mentor-mentee relationship involves a trust component that both work very hard to strengthen over time.”
Categories
Self Help

6 Ways To A Successful Digital Detox

A digital detox refers to a period of time when you refrain from using digital devices such as smartphones, televisions, computers, and social media sites.

Some reasons you may need a digital detox:

  • Checking your social media accounts is the first thing you do when you have nothing to do
  • You are constantly missing sleep to stay on your devices
  • You are fixated with the like, comment, or share counts on your social media posts

A digital detox does not mean you have to give up social media and Netflix for the rest of your life. Rather, it is about taking steps to become more more mindful of gadget usage so that you reduce dependency and improve your physical, mental, and even social well-being. By going on a digital detox, you can focus on real-life social interactions without distractions, let go of the stress that comes from constant connectivity, and improve your physical health. 

Dinah Salonga, a mindfulness facilitato, wellness advocate, and co-founder of YogaPlus Inc, Manila’s premiere yoga studio, shares some ways you can successfully achieve a digital detox. 

  1.  Recognize when your digital use is becoming excessive.
    “The first step to doing a digital detox is acknowledging that there is a problem,” Dinah suggests. Are your loved ones complaining that you are spending too much time online? Are the number of likes in your posts affecting your mood for the day? Is your work suffering because you are tired from staying up all night binge-watching? “These are signs that you are becoming addicted to digital devices,” she advises.
  1. Set limits. If you cannot completely disconnect (i.e. your work requires you to be on social media), set boundaries. “For example, allot only one hour a day to work on your posts or engage with your followers. Set the phone aside during mealtimes or when you are spending time with loved ones. Stop watching the tv series when it’s 30 minutes before bedtime,” Dinah suggests.   
  1. Hack the hormones. “The happiness chemical dopamine is released by our brain whenever we come across something new and pleasurable,” Dinah explains. “When we see people liking our posts on social media, discover a new, entertaining show on a streaming app, or beat our previous record in a video game, we get a dopamine rush and keep wanting more, leading to a digital dependency.”

The key to an effective digital detox, therefore, is to replace time spent on digital devices with another activity that will give the same dopamine high but is not as harmful.

Dinah Salonga, Co-founder of YogaPlus Inc

The key to an effective digital detox, therefore, is to replace time spent on digital devices with another activity that will give the same dopamine high but is not as harmful. “Anything that will give you a sense of accomplishment – such as crafting, working on a puzzle, learning a new language, or exercising – will also cause your brain to light up without any negative consequences to your health and well-being,” Dinah says.

  1. Change the pattern. Is your smartphone the first thing you pick up when you are bored? Do you decompress after a long day at work by binge-watching the latest series? If digital devices have become ingrained in your day to day behavior, try to introduce new habits to break the pattern. If you are bored, go for a walk; if you are stressed, meditate.
  2. Listen to your body’s signals. Don’t ignore warning signs that you are spending too much time on your devices, such as an aching back, blurry vision, or fatigue.  These are your body’s way of telling you that you need to take a break.
  3. Seek help. You do not have to go through a digital detox alone. Ask a friend or family member to act as an accountability partner. “Choose someone who will tell you to go to sleep when they see you chatting past your bedtime, or even be willing to take your phone away if you have been spending too much time on social media,” Dinah advises.

Help can also be in the form of a MindNation WellBeing Coach who can teach you techniques to form healthier habits; an initial 1-hour session costs only P500. Book a session now by emailing [email protected]. 

Doing a digital detox is challenging because smartphones and apps have become an integral part of our daily lives. Hopefully the tips above can help you reduce – if not eliminate – your dependency on these technologies and free yourself to spend more time and energy on the things that matter. 

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Work in the New Normal

Workplace Trends for 2022: 4 Things Every Business Leader Should Know

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Make 2022 your organization’s Year Of WellBeing. Visit www.mindnation.com now. 

If 2021 was about learning to live and work during a pandemic, 2022 will be about applying all the lessons learned this past year. What will the future of work look like? Business coach and consultant Grace De Castro of V+A Consulting, a boutique consulting firm with expertise in customized people programs and creative business solutions, shares her predictions:

  1. The hybrid mode of work will be the new normal — and not everyone is going to be treated fairly. “Sadly, there are still many leaders who equate ‘presence with performance,’” Grace says. “This means that those who choose to go to work onsite will be considered more productive and valuable than those who remain or prioritize working from home.”

    What this means for companies: Leaders must ensure that all team members — regardless of where they are working from — are regarded equally and treated fairly especially in terms of promotions and pay raises. Not doing so will cause discontent among team members. “Leaders must also change the prevailing mindset about what it means to be productive, and create avenues for more collaboration between employees,” Grace advises.
  2. Organizations will fight to attract and retain existing talent. “I know of quite a number of senior executives and managers in the Philippines who decided to take their families and just move — whether it’s to outside the city for a quieter provincial life, or even out of the country. This migration is the most I’ve seen since I started working 25 years ago,” Grace relates. 

Their reason for moving? “The past two years have made many pause and rethink their priorities,” she explains. “They either realized that they want more time with their family, or that what they are doing now is not what they want to do for the rest of their lives.”

What this means for companies: “There is going to be a lot of creativity around talent attraction and retention,” Grace says. “The fight is no longer against other companies, it’s now about whether your employee is finding purpose in their current role or if the current work schedule supports their desire for work-life balance.” 

  1. Employee health and safety will continue to be a top concern. As employees return to work, many will be struggling with fears and anxieties over their safety and adjusting to new procedures and protocols. This post outlines the things managers can do to make the transition easier and assure team members that the workplace will be a safe space for them, physically and mentally.

What this means for companies: Adhering to health and safety standards in the new normal requires added expenses, so leaders need to look at where they can cut costs and reallocate the budget. What’s important to you? Is it your bonus, or upgrading the ventilation system? Is it new furniture or investing in an employee well-being program? “Part of being a leader is looking at the situation, spotting the areas of concern, and making the tough calls to address them,” says Grace.

“Part of being a leader is looking at the situation, spotting the areas of concern, and making the tough calls to address them,”

Grace De Castro, Business Coach And Consultant
  1. Mental health and well-being will become very important. “The last two years have really taken a toll upon all of us, and business leaders need to acknowledge that there is no going back to before,” Grace says. “Mental health can no longer be a special event that only gets talked about during Mental Health Month or Suicide Prevention Month. Conversations around mental health need to be normalized; people who are struggling should know where they can seek help and not be ashamed about it.” 

What this means for companies: While it’s understandable that the priority of a company in the new normal is profitability, this cannot be at the expense of the team’s well-being. “You can’t expect people to be delivering multitudes when they’re physically, mentally, and emotionally broken and with no social support,” Grace says. “Treat your employees well, because if you take care of them they will take care of your business. And if your people are at the place where they can deliver, you can have both — profits and a culture that supports mental health and well-being.”

If you need help, partner with MindNation to receive a holistic, data-driven, and customized well-being program for your organization. Visit www.mindnation.com or email [email protected] to know more. 

With many businesses hoping to return to some semblance of normalcy in 2022, it is important to remember that success can only be achieved when all parts of a company are working well together, from the machinery to the people. Workplace well-being should not only be a priority, it must be made mandatory. 

Categories
Financial Wellness

 5 Good Money Habits Your Team Needs To Start Doing Now

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Is your team struggling with financial anxiety? The MindNation CareNow© Plan includes 24/7 teletherapy sessions with psychologists and WellBeing Coaches to help ease their stress and worries. Partner with MindNation to build happier, healthier, and more productive teams. Visit www.mindnation.com or email [email protected] now.  

When it comes to financial well-being, there is no better time to build good habits than today. With your guidance and help from MindNation WellBeing Coaches, your employees can commit to their money goals, budget better, and be happier, healthier, and more productive. Below are some healthy money habits they can start practicing:

  1. Track their finances regularly. Every month or every payday, remind your team to sit down and go over their cash flow. How much income came in and what are their expected expenses? Of the amount that they are able to save, how much will be allocated to the different funds?

“People tend to just go with the flow — ‘Oh, my expenses this month are high so I need to remember to spend less next month’ or ‘Wow, I was able to save a lot this month, I can spend more next month!’” explains financial coach Yani Moya. Yani is also the founder of Peridot Consulting, a financial consulting firm . “But this is a bad habit because money ends up controlling them, which can cause stress; a good habit is one where you control money.”

  1. Save before spending. “When people receive their salary, they spend it first on their needs and wants, and whatever is leftover is what they consider to be their savings,” Yani reveals. “But income is not the capacity to spend. So set aside money for savings first, then budget whatever is left for their different expenses,” she adds. 
  1. Set boundaries when giving money to family. It has become part of Filipino culture for an adult child to give a portion of their earnings to their parents as a way of repaying the years spent raising them. “There is nothing wrong with this if they are giving the money whole-heartedly,” Yani clairfies. “But if they are doing it because they feel obligated, this will lead to poor mental health. So remind them that if they must give, give only what they can.” 

Unpaid bills or outstanding loans are forms of negative money energy that contribute to stress, anxiety, and poor productivity.

Yani Moya, Personal Finance Coach
  1. Clear up negative money energy. Unpaid bills or outstanding loans are forms of negative money energy that contribute to stress, anxiety, and poor productivity. The only way to clear up negative money energy is to start paying them off, so help your employees make a plan to achieve this. “For example, this month’s focus will be on finishing off the remaining balance on Credit Card X; next month’s goal is to settle the loan they took out from Person A,” Yani explains. 
  1. Give back. If there is negative money energy, there is also good money energy. And when you give out good energy in the form of tithing and sharing, it will be returned to you, if not in the form of money then in terms of better opportunities, relationships, and even well-being.

“So just as much as your team member has to allocate money for their wants, they also need to build the habit of setting up a giving fund,” Yani advises. “The amount does not have to be big, it can be whatever they are comfortable with giving.”

By practicing these good money habits, your team will develop the skills and confidence needed to handle anything that comes to money. “How we are in one thing is how we are in everything,” Yani points out. “So if we want mental clarity, emotional peace, and good relationships, fixing your finances can be a big help.”

Categories
Mental Health 101

5 Therapy Myths And Misconceptions Debunked

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There is no shame in seeking help. MindNation psychologists and WellBeing Coaches are available 24/7 for teletherapy sessions. Book a session now https://bit.ly/mn-chat  or [email protected]. 

No one bats an eye if you go to a doctor for a heart problem; but mention that you are seeing a psychologist for mental health concerns and people will judge, shame, or even criticize you. 

“People avoid therapy because of the stigma surrounding mental health,” explains MindNation psychologist Maria Teresa Empleo. “And because no one wants to talk about it, people just come up with their own ideas of what therapy is about.”

Myths and misconceptions about therapy can prevent those affected from getting potentially life-changing support. If you or a loved one is in distress and are considering professional help, below are five common myths about therapy to stop believing:

MYTH: “Going to therapy means I am crazy.”

FACT: “While there are people who go to therapy for serious mental issues, this does not mean that they are crazy, weak, or hopeless,” Maria stresses. “Rather, going to therapy is an indication that they are mature and have the strength to come out, ask for help, and do whatever is necessary to make themselves better.”

Additionally, you can go to therapy even if you don’t have a major mental disorder. “Majority of people who go to therapy just need help managing everyday problems,” Maria points out. “During this pandemic, for example, my clients are mostly those who want to deal with work stress, relationship problems, and adjustments to the new normal. Many others just want to improve their well-being, relationships, or self-esteem.”

MYTH:  “I need to divulge my deepest and darkest secrets in order to get better.”

FACT: “You and your therapist might have to explore these if they are directly related to your current problem,” Maria admits. “But do know that talking about them can help ease your emotional burden.” 

That being said, going deep and personal is not a requirement for treatment. “Therapy is a safe space. If there are things that you do not want to talk about just yet, we will not pressure you,” she assures. Once you are ready, rest assured that MindNation teletherapy sessions are guaranteed to be secure, and confidential. 

MYTH: Follow-up sessions are not needed.

FACT: Because most patients feel an improvement in their mood after the initial or second session with a therapist, they no longer return for additional sessions. But follow-up sessions are important because they reinforce the practices taught, ensuring that you do not end up repeating the negative thoughts or habits that caused you to seek help in the first place. “When you feel better, have a clearer headspace, and are no longer as sensitive or emotional as the start, then you will be in a better place to work on your triggers,” Maria explains

MYTH: Therapy is expensive.

FACT: If your company does not yet have an Employee Assistance Program that includes sessions with mental health professionals and you have to pay for therapy out of your own pocket, this article lists the reasons you should consider therapy as an investment and not an expense. 

[J]ust as you would not think twice about paying a doctor to treat physical health concerns, you should also regard psychologists, psychiatrists, and WellBeing Coaches as experts in treating mental health concerns. 

Maria Teresa Empleo, MindNation psychologist


Also, just as you would not think twice about paying a doctor to treat physical health concerns, you should also regard psychologists, psychiatrists, and WellBeing Coaches as experts in treating mental health concerns. 

MindNation psychologist, psychiatrist, and WellBeing Coach teletherapy sessions are available singly or in packages so you save more on follow-up sessions. Purchase at bit.ly/mindnation-shop or thru the Goodwork.ph app.

MYTH: “I’d rather talk to a friend, at least that’s for free.”
Friends are a great source of support during tough times, but because of your close relationship there will always be that fear of judgement. On the other hand, because psychologists, psychiatrists, and WellBeing Coaches are strangers, there is no need to worry about bias and censure. More importantly, they are trained and licensed mental health professionals, so they can offer science-based solutions to help you cope with life issues and mental health challenges.

Are you ready to talk to a MindNation psychologist, psychiatrist, or WellBeing Coach? Read this article to find out how you can choose which therapist is right for you. IF you are curious to find out what goes on during the first therapy session, we give you the rundown here. Finally, here are some things you can do to make sure that you get your money and time’s worth during your therapy session.

Categories
Financial Wellness

The Emergency Fund: Help Your Team Build Theirs Even During A Pandemic

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When the COVID-19 pandemic struck in 2020, many employees learned the hard way how important having an emergency fund was. Having money tucked away in case of job loss, reduced income, or other large and unexpected expenses can help ease stress and create a financial buffer to keep one afloat during times of need without having to rely on credit cards or taking out a loan (both of which they might have difficulty paying off in the end).

“An emergency fund is a form of savings account. You keep it in the bank and only spend it on dire situations,” advises financial consultant Nicole Suarez. “Only when you have met your target amount can you explore putting the excess in investments.”

If your team is experiencing financial stress or need help building better budgeting habits, partner with MindNation to avail of 24/7 teletherapy sessions with WellBeing Coaches who can help ease their anxieties. Visit www.mindnation.com or email [email protected] now.

How much is needed?
“The general rule would be to set aside three to six months’ worth of living expenses,” Nicole suggests. But even then, she says that it also depends on one’s personal and financial circumstances. “Is the person a breadwinner? A parent? Or are they single and living with parents who provide for all their needs?” she enumerates. All these factors should be considered when computing how much money to set aside. For example, employees who are breadwinners will need to save even more, while those who are single can put small amounts into the emergency fund and just increase it over time. “The important thing is to build the habit,” she adds. 

How to build the fund during the pandemic

Replenishing an emergency fund on a reduced salary can be hard but it’s not impossible. Here are some suggestions you can offer your team members so that they can find extra money to set aside:

  1. Just start with what they can. Employees who are living paycheck to paycheck should not be expected to set aside an entire month’s salary right off the bat; it’s unrealistic and will set them up to fail. “Suggest that they set aside whatever they are comfortable with,” Nicole stresses. “When it comes to saving money, any amount will help.”
  2. Turn clutter into cash. “Look for things at home that they no longer need but can sell,” Nicole advises. These include pre-loved clothes, toys, and other household items. “Of course, they won’t be able to price them as high as they would want, but assure them that a small amount is better than nothing.”

“When it comes to saving money, any amount will help.”

Nicole Suarez, Financial consultant
  1. Cut down on expenses. “Remind them to be mindful of how much takeout they order in a month and to resist impulse buying during payday sales,” Nicole says. “Ask them to review their monthly subscriptions, like meal services or streaming services — is it possible to downgrade the subscription or cancel it entirely?”
  1. Look for other sources of income. “If your employee is particularly skilled at something, encourage them to turn it into a side business,” she suggests. This article by Forbes lists the reasons you should let your team moonlight: it will boost their financial health, give them an outlet for pursuing their passion, improve their creativity, and make them happier overall — all characteristics of a good employee.
    But to make sure that their side hustle does not interfere with their work in the company, clearly communicate your rules and boundaries during you regular one-on-one sessions; having an honest and open conversation will benefit you both. 
  2. Don’t go into debt. “An emergency fund is something that is built over time; because there is no pressure to come up with the money right away, it does not make sense to borrow money to fill it,” Nicole explains. 

During these uncertain times, an emergency fund can go a long way to boosting your team’s financial and mental health.

Categories
Financial Wellness

The Financial Accountability Partner: Your Buddy For Better Financial Health

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An accountability partner is a person who helps another person keep a commitment. You can have an accountability partner for the different areas of your life — someone who will hold you to your work deadlines, another person to remind you to do your exercises for the day, or even a loved one to remind you to set your boundaries or to unplug at the end of the work day. And if you are struggling in some areas of your financial life, having a financial accountability partner can be a big help. Specifically, they can:

  1. Help you set financial goals
  2. Brainstorm the steps you need to take in order to achieve those goals
  3. Make sure you stay on track

How to find the right financial accountability partner

“A financial accountability partner does not have to be a financial adviser or financial planner, it’s just a bonus if they are,” assures Enery Franklin Dy, a licensed financial adviser and founder of Financial Literacy PH, an online community that aims to spread financial literacy and where anyone can talk freely about savings, budgeting, insurance, and investments. “Friends, family members, or even team members can be good accountability partners if they are enthusiastic about money and investments and practice good money habits.” If your organization partners with MindNation, MindNation WellBeing Coaches are also available to help team members build better financial habits or have a better relationship with money.

Friends, family members, or even team members can be good accountability partners if they are enthusiastic about money and investments and practice good money habits

Enery Franklin Dy, Financial Adviser

That being sad, it’s also important that the person you choose to be your financial accountability partner posses the following traits:

  • Trustworthiness. “Money is a sensitive issue, and some matters like salaries should be kept confidential,” Enery reminds.
  • Honesty. “They should be able to give you constructive criticism and push you to achieve your goals,” he adds.
  • Diligent with record-keeping. This is important if you need help budgeting, although Enery admits this is not a deal-breaker since there are already many apps available to help you track your money’s movements. 

At the end of the day, what’s more important is you find someone who has the same financial goals as you, or who has faced similar financial struggles as you but emerged successful. 

  And if you absolutely cannot find anyone who fits the above bill, communities like Financial Literacy PH and other personal finance groups are available to anyone interested. 

How to work with an accountability partner
Enery says there are no set rules on how often or how long you should meet; it can be daily or weekly, as long as it is done regularly and there is ample time to go over progress and answer any questions that you may have. And even if you don’t have a goal due for completion, it’s still advisable to check-in on your partner so that you monitor your progress and build the habit. 

And speaking of building habits — remember that just like with eating healthy or setting boundaries, doing the work is your responsibility. At the end of the day, your success will depend on the efforts you exerted. The financial accountability partner’s job is to simply listen to your progress and provide helpful suggestions if they can. 


The MindNation CareNow Plan© includes teletherapy sessions with WellBeing Coaches (available 24/7) to help team members build better habits or advance in their careers. Email [email protected] to learn more about what WellBeing Coaches can do for your organization.