Money worries cost businesses in ways we rarely measure. PHOTO | FILE
By Emmanuel Mahodanga
Every organisation in Tanzania depends on the focus and energy of its people. Yet too many employees arrive at work each day carrying private battles with money.
A parent wonders how to stretch school fees and still secure a future for their children. A worker struggles to meet daily obligations; groceries, rent or medicine when a child falls ill. A professional dream of retirement but feels uncertain about how to achieve it.
These worries do not remain at home. They walk through the office doors, sit in boardrooms and quietly influence decisions that affect entire organisations.
We often speak proudly about productivity, innovation and competitiveness. But can we truly claim to be productive when our people are weighed down by financial stress?
The truth is simple: money worries cost businesses in ways we rarely measure. They reduce focus, increase absenteeism, fuel staff turnover and silently erode loyalty.
Tanzania is at a turning point. Our economy is expanding, workplaces are modernising, yet households remain financially strained.
Salaries alone cannot guarantee peace of mind. Access to affordable credit remains limited and for many, retirement planning feels uncertain.
This is not just an employee’s private struggle, it is a challenge to the resilience and competitiveness of our entire workforce.
For years, HR has focused on training, compliance and leadership development. These are important. But today, a deeper question emerges: are our employees financially secure enough to give their best at work?
Financial wellness must become a core part of the HR agenda. Employees no longer want only a pay cheque. They want guidance on managing debt, saving for emergencies and planning for the future. They want employers who see them as whole human beings, not just as workers.
The solutions are within reach. HR can create safe spaces where staff feel comfortable discussing financial concerns without stigma.
Employers can partner with credible institutions to offer savings schemes, fair lending options or simple financial literacy programs. These initiatives don’t always demand large budgets, only commitment and the belief that people matter.
I have seen the difference such commitment can make. One employee once told me that a modest workplace savings plan gave him peace of mind for the first time in years. No longer consumed by anxiety, he arrived at work focused, motivated and even healthier.
Stories like this remind us: financial wellness is not about shillings and cents. It is about dignity, confidence and freedom.
The future of work in Tanzania will not be defined by technology alone, but by how we care for people. From a teacher in Mbeya to a factory worker in Mwanza to a banker in Dar es Salaam, organisations that prioritise financial wellness will be the ones that attract talent, earn loyalty and thrive long-term.
Young professionals entering the workforce are already raising the bar. They are choosing employers who do more than pay, they care. They seek workplaces where growth, health and financial well-being are supported.
For organisations hoping to win the race for talent, financial wellness can no longer be optional, it must be part of the package.
This is a call not only to HR professionals, but also to CEOs, boards and policymakers. Boards must measure financial wellness with the same seriousness as profit or turnover.
CEOs must ask whether their strategies truly support the resilience of their people. Policymakers must recognise that financially secure workers build a stronger, more stable economy.
My appeal to HR colleagues is clear: let us redefine our role. Let us move beyond administration and compliance and become champions of well-being in its fullest sense. At Stanbic Bank, we believe financial wellness is not a side program. It is a foundation for productivity, innovation and growth.
When employees are free from financial worry, they don’t just work better, they live better. And when they live better, Tanzania itself becomes stronger.
Emmanuel Mahodanga is Head of Personal Banking, Stanbic Bank Tanzania
