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HOW TO TEACH CHILDREN THE BASICS OF BUDGETING
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WHY VACATION LEAVE IS IMPORTANT J U LY
EDITORS’ MESSAGE
Hi Team, your well-being is our focus for this issue of the VM Buzz. As we continue the deliberate work to become an Employer of Choice and a Great Place to Work. One important factor in this equation is vacation leave. The purpose of vacation leave is to provide our eligible Team Members with paid time-off to pause, rest and nurture aspects of their lives outside of work. Vacation is also critical in staving off mental and physical exhaustion/burnout and boosts productivity. Well-rested Team Members are better empowered to maximize their potential and generate the biggest possible wins for themselves and the organisation. Checkout this month’s special feature on ‘Why Vacation is Important’ as well as some VM Tidbits and our feature on financial well-being tips for your kids! As usual, if you have any feedback, questions or concerns, let us know at: VMCorporateAffairs@myvmgroup.com
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CONTENTS
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Page 6 How to teach children the basics of budgeting Financial Wellness starts at home and as a parent you are entrusted with the power to shape your child’s relationship with money.
Page 4 Why Vacation Leave is Important
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As our focused and deliberate efforts to become an Employer of Choice and a Great Place to Work continues in earnest, increased emphasis must be placed on promoting the overall wellbeing and engagement of our Team Members.
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WHY VACATION LEAVE IS IMPORTANT
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As our focused and deliberate efforts to become an Employer of Choice and a Great Place to Work continues in earnest, increased emphasis must be placed on promoting the overall well-being and engagement of our Team Members. One important factor in this equation is vacation leave.
EXTRACT FROM VM LEAVE POLICY
The purpose of vacation leave is to provide our eligible Team Members with paid time-off to pause, rest and nurture aspects of their lives outside of work. It is also critical in staving off mental and physical exhaustion/ burnout and boosts productivity. Well-rested Team Members are better empowered to maximize their potential and generate the biggest possible wins for themselves and the organisation.
5.02 Leave is administered during the calendar year (January to December), therefore calculations are prorated for the first year of employment where applicable. Refer to the Vacation Leave Entitlement (Appendix 1). A Vacation/Leave Roster is to be prepared and approved by the Reporting Manager at the beginning of each year clearly indicating the dates requested by each Team Member.
AVOID BURNOUT
5.03 All Team Members must proceed on their full vacation leave annually. Vacation leave will not be accumulated, except in cases where deferred leave is required in the best interest of the Organisation. Team Members will not be allowed payment in lieu of any accrued vacation leave, except in cases where a Team Member has been terminated.
5.00 Vacation Leave
5.01 Team Members are not authorised to take vacation leave during the probationary period of employment.
Z Vacation leave presents the business with an opportunity to provide critical talent with experientialbased learning which is crucial to the future-proofing of our workforce and the success of our Talent Management Strategy. When a Team Member goes on vacation leave it provides an opportunity for another Team Member to act in that role, allowing them to develop key competencies that can only be achieved through experiential-based learning. This has a tremendous ripple effect with several Team Members updating their IDPs. Unused vacation leave when carried forward is a liability on our Group’s financials and impacts the profitability of the business. We are now past the mid-year mark for 2021 and it is important that our Leaders closely monitor vacation leave usage to ensure that all vacation days scheduled for 2021 are either taken or scheduled to be taken within the next five (5) months of the year. Consequently, all Team Members, excluding new Team Members who are on probation, MUST proceed on their full vacation leave before year-end after being logged and approved on Orange HRM. Your HR Business Partner will provide support as required, to ensure that this objective is met. Outlined below is an extract from the VM Group Leave Policy. Please be guided accordingly.
5.04 For deferred leave, the Manager is required to obtain approval from the Executive Leader or designate. The Executive Leader or designate will advise Group Human Resources no later than November 30th of the approval. The Team Member is required to utilise the outstanding vacation leave no later than March 31st of the following year. 5.05 Notwithstanding, a minimum of ten (10) consecutive working days must be taken each year. During this period Team Members are not permitted to have access to any work area and/ or any systems other than those required for communication.
5.06 Vacation Leave requested during the last two (2) weeks of December will require special approval due to the increased business activities during that period. Any such requests should be discussed with the Executive Leader or designate who will make the final decision.
From the desk of Dr. Dayton Robinson
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Here are some other important facts about vacation leave:
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Burnout is defined as “a psychological syndrome of emotional exhaustion, depersonalization and reduced personal accomplishment that can occur among professionals who work with other people in some capacity” (Maslach, 1993). Researchers have concluded that “the antithesis of engagement is burnout.”
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HOW TO TEACH CHILDREN THE BASICS OF BUDGETING Financial Wellness starts at home and as a parent you are entrusted with the power to shape your child’s relationship with money. Here are some tips to get them started on the right path: 1.
Start early by explaining to them where money comes from, how to budget, how to spend wisely and how to set savings goals. Explain how the family earns money and detail how the monthly budget is set to cover essentials like food, utilities, and housing.
2. Explain “needs vs wants”, share how you make the decisions on exactly how you spend your entertainment budget, select family special outings or vacation options for the family.
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3. Give them a piggy bank to manage their allowance earned from doing different chores around the house.
4. Provide them with the experience of independence by assisting them with opening a VM Save-to Grow savings account. After they have accumulated some funds in their piggy bank. Have your child decide the goal of the savings account. It could be to purchase big-ticket items, such as a bike, doll house, or video games.
Smart Tip Educate your child on how to spot a banking scam so they may protect themselves.
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VM TIDBITS Our Group Chief Digital Officer Sheena Reid was the featured speaker at the Fujitsu CxO Speaks Series on, July 14, 2021. In this session, Sheena shared 7 Key Pillars of Success towards Being Digital. Click here to watch in case you missed it!
Michael Howard (right), CEO, VM Money Transfer Services (VMTS), presents Randy Martin, grand prize winner of the VMTS Month End promotion with a cheque of $1 million dollars, at the VM Money Express Shop in Savanna-la-Mar, on July 13, 2021.
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Michael Howard (right), CEO, VM Money Transfer Services (VMTS), presents Kenise Keise, 2nd place winner in the VMTS Month End promotion, with a cheque of $500,000, at the VMTS location inside the VMBS Ocho Rios Branch.
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Michael Howard (right), CEO, VM Money Transfer Services (VMTS), presents Devon Robinson, 2nd place winner of the VMTS Month End promotion with a cheque valued at $500,000, at the VM Money Express Shop in Old Harbour St Catherine.
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