These are natural questions to be asking. We expect our money to help us feel safe, especially as we grow older and start thinking about retirement.

Here’s the thing. If you view your savings and investments only as numbers on a page that you’re trying to nudge upwards, do you ever really reach “enough”? You could always be saving more. You could always be investing more. You could always be spending less. But does doing so make you feel any happier?

Your financial plan should be a vehicle that takes you where you want to go. If your goal is “having enough money,” then your plan, and the life it provides you, will be stuck in a cul-de-sac. You’ll find yourself trying to justify every minor and major financial decision as you circle around and around wondering if you “have enough.”

That’s not a trip that’s going to make you feel secure. It’s not likely to make you feel happy either.

You may know how much money you have in the bank or the size of your portfolio, but do you know your Return on Life?

Here’s a new question you could be asking about your financial plan: “Am I getting the best life possible with the money I have?”

Instead of focusing exclusively on the traditional return on investment (ROI), people are starting to focus on their Return on Life (ROL).

There are three broad areas to consider when thinking about ROL:

Your well-being:This encompasses your return on leisure, health, and relationships. Are you enjoying your life? Do you take time to do the things you want to do, see the places you want to see, and spend time with the people you care about? Are you able to take care of your health without financial stress? Do you check your health regularly with your doctors? Do you eat well and exercise regularly? Are your relationships with friends and family affected by money matters? Are you and your spouse in sync about household spending?

Your progress: This looks at your return on work, residence, achievement, and learning. Does your work give you satisfaction? Do you feel energized by your work? Do you feel like your home is the right place for you? Are the costs of your residence easily managed? Are you able to fund your needs and pursue your aspirations? Are you effectively using your finances for you or your children/grandchildren’s education? Are you engaged in lifelong learning?

Your freedom: This relates to your return on purpose, autonomy, and security. Are there causes to which you’d like to devote more of your time, energy, or money? Are you using your money to free up your time and allow you to do things you want to do? Do you have time to attend to the things that mean the most to you? Are you confident about your financial future? Are you comfortable with how your financial resources are invested?

By exploring these areas, you’ll have a good sense of how satisfied you are with your life and your finances–whether you’re getting the best Return on Life you can.  Adopting a ROL perspective is a great way to achieve life satisfaction and to know that you are using your money to live your best life.

Jason Cook CFP^®, RICP^®is Vice President, Investments at BF&M.

For more information on BF&M’s financial planning approach and services, contact Jason at [email protected]or call 295 5566.

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By Carla Seely

When a new business starts up on the island, one of the many items on the ever-increasing checklist is the topic of employee benefits. Understanding what is required by law, what is considered an added benefit, or deciding between using a single provider or splitting between different ones, is all part of the research. The benefits an employer provides to its employees will have a big impact on employee retention, so understanding your corporate responsibility and the industry standard is essential.

As Richard Branson, founder of the Virgin Group, once declared: “Take care of your employees, and they will take care of your business”. As an employer, you’ll discover one of the largest expenses is health insurance for employees, not just in Bermuda: health insurance costs are challenging globally. An employer’s responsibility is to ensure employees have good-quality insurance that meets the needs of its workforce. However, providing health insurance is only one element; a company should also implement wellness programmes. Investing in a workplace wellness programme can improve the company brand, build loyalty with its employees and reduce sick time.

Effective as of  January 1, 2000, a mandatory pension scheme was established in Bermuda, requiring companies based in Bermuda, or wishing to set up in Bermuda, to create a company pension plan for their employees (Bermudians and spouses of Bermudians). There have been amendments to the Pension Act over the past eighteen years, the same binding principle still exists –– providing retirement benefits. Most employers now offer a pension plan to all employees regardless of their status, which shows employers recognise the value in helping their employees towards their retirement goals.

Life and disability insurance, although not a mandatory benefit, is something that is typically offered by most employers. However, it is important to note that since life and disability insurance is not mandatory, there will be eligibility requirements –– some of which the benefit provider will set and some of which the employer can request.

Once you have decided on the type of benefits you wish to offer your employees, the next decision is whether you bundle the benefits (use one provider for all) or unbundle the benefits (use the best provider for each type of benefit).

A great way to figure out what your workforce is looking for is to hold a “town hall meeting”, where you find out what is important to them, i.e. essentially which products and services they are looking for in today’s environment. Once you have the information from your staff, it is time to tender a request for proposal (RFP) for all your employee benefits, and we normally recommend doing this every few years. Once the RFPs come back, sift through the information and determine what options are available. Perhaps you will stay put, but perhaps you will discover a much better offer for each benefit.

Changing benefit providers is not as painful as you may think. Yes, it generates paperwork, but benefit providers are experienced with the process, which is streamlined and well regulated.

At the end of the day a happy employee is a productive employee, which is what any employer wants.

Carla Seely is the Vice President of Pension and Investments at FM Group.

This article was originally published in the September 2018 edition of the RG Business Magazine. 

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Founded: 1950

Employees: 153

Male/Female ratio: 31% – 69%

Bermudian/Non-Bermudian ratio: 88% – 12%

Staff turnover (2017): 9%

Argus has been a consistently high performer in its illustrious Top Ten Employers history. This year’s fourth place follows last year’s third, which came on the back of three consecutive fourths.

With a staff turnover rate in single digits, it would appear that employees are happy to work at the insurer and provider of retirement products. Employee responses to the survey show that Argus’s people feel empowered, valued and encouraged to fulfill their potential.

Many employers speak of their desire for an engaged workforce. Argus has taken this a step further by setting a high benchmark for itself and measuring it through an anonymous annual survey. The latest poll found 87 percent of respondents were “fully engaged”, nicely above the company’s 80 percent target. That is extraordinarily high, according to the company that helps Argus survey staff sentiment.

Indeed, the company scored in the top five percent of engaged organisations, with the vendor’s benchmark including the past three years of data from 20 million responses across multiple industries.

Health is treated seriously at Argus, where staff receive up to $500 per year towards gym membership. The company has a Wellness Committee that works out ways to promote healthy living and a proper work-life balance. In January, for example, it launched an eight-week nutritional and fitness challenge called “Reboot” for employees. Participants found that the programme alleviated stress, provided clarity of mind and improved their mood. All employees can enrol on the company’s Get Up and Thrive online wellness programme and can enjoy a stress-busting, quarterly massage.

Personal development is a priority. As well as a focus on staff training, the online Argus University programme, since launching three years ago, has helped employees complete more than 600 short courses on topics ranging from customer service to advanced Excel.

What employees said:

“Argus is very employee focused. I genuinely feel cared about at work and feel as though I am beneficial to my team”.

“Argus makes the effort to do ‘the right thing’ for their clients and staff while still remaining competitive as one of the leaders in the local insurance industry”.

“In general, management ‘walks the talk’. Employees are genuinely appreciated”.

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