Economic Stability: How Personal Development Can Boost Your Financial Health

By Anusree Mukherjee

reviewed by amadou barrow

Economic stability is the balance of having resources, such as achieving steady income and having a safe work environment, that constitutes a holistic lifestyle. Economic stability is an important component of social health determinants, which is influenced by factors such as employment availability, access to food, affordable housing, access to good transportation systems, and poverty alleviation.   

 

Strategies for achieving economic stability

Professional development

Professional development is the enhancement of our skills to better suit our work environments.

Professional training is an important developmental factor of development that focuses on the individual, which develops better employees and benefits organizations. It ushers in constructive and cooperative changes with coworkers to build professionalism. Professionalism is important so that you can display the expertise you have established for your skills and development of knowledge. Maintaining and following ethical codes is another aspect of professional development, and it’s mandatory when we have to maintain work relationships. Being emotionally neutral helps us stay objective in decision making so that we maintain a respectful distance, while also having the crucial skills of empathy and communication intact. 

Overall wellbeing

Maintaining our overall wellbeing is the holistic approach to work and wellbeing outcomes.

A work-life balance is essential. Career development practices have a direct impact on an employee’s happiness since work generally has positive effects on mental health and wellbeing. However, mental illnesses are one of the leading causes of employee absenteeism. Exposure to stressors, such as unemployment and job loss, increases the likelihood of mental health concerns. It’s a cycle wherein the status of our mental health determines our self-efficacy in work environments. 

The relevance of having healthy and supportive work relationships is often undermined; these connections play an important role in our overall emotional, mental, financial, and physical wellbeing. Job satisfaction and positivity both contribute to the success of organizations. Career development or wellbeing interventions via counseling and introduction of relevant policies can help us develop the ability to combat and adapt to the changing circumstances and boost our overall wellbeing.

Clear Growth Strategies

We should remember to make space for growth! It can be as simple as strengthening our work relationships or increasing efficiency in the workplace. 

Here are a few strategies that may help us achieve economic stability:

    • Networking: building, maintaining, and nurturing professional relationships is already a great way to make strides and move up the professional ladder. Make your presence felt by interacting with colleagues. Not only does that reinforce positivity in the work environment, but it also increases your pool of contacts, which may come in handy later. 
    • Identifying your Yoda: A workplace mentor can equip us with new skills and help us advance toward our professional goals. We can also look for a mentor in our teachers and family, or someone in the same field. For a more impactful experience, a befitting mentor is usually someone who has succeeded in the role we are currently in. 
    • Take leadership: Sometimes we need to be our own advocates and find opportunities for ourselves, such as taking on new tasks. It will help us propel forward and not stagnate in our roles.
    • Performance reviews: They give us a reality check (either positive or negative) for our career development, so that we’re better equipped to attain job satisfaction and stability. Make reviews accessible, so we can sketch out a plan of action with our Yoda, to have a collaborative approach to our future goals.
    • Continuous education: Keeping ourselves updated with the nuances of the market is a great way to ensure career stability. We can not only identify problems, but also administer solutions. Educating ourselves continuously will allow us to familiarize ourselves with new skills and trends in our industry. We can be a better asset to our organization by keeping up with the changing demands of the industry, too. Each step towards your educational journey will raise your chances of higher average pay and decrease the risk of unemployment, which means higher professional satisfaction and development, resulting in economic stability. 
    • Holistic health: One may look into the various company resources and take advantage of various professional development meetings, classes, counselling sessions etc. Doing so will help you find the key to a life with better health. 

 

Focusing on elements that have broader aims of development in the areas of our career and holistic health will amount to economic stability.

Anusree Mukherjee
A highly professional and a dedicated writer specializing in marketing and communications. I want my content to propagate holistic wellbeing and help individuals live a better life. My studies in communications and journalism began in 2014, with an avid interest in effecting change in society. My background has not only nuanced my understanding of political analysis, human rights, anti-corruption, and several other key issues facing the disenfranchised but also taught me effective ways to deliver the message to people. I have also been involved with various philanthropic and mental wellness-oriented activities in India, such as committing to implement the goal of all-round wellbeing, and facilitating gender equality by ensuring the equal participation and full involvement of women and men in all aspects of life. Together, we can make this world a better place!

Amadou Barrow

My areas of expertise center around climate change and global health; Reproductive, Maternal, Newborn, Child and Adolescent Health (RMNCAH); environmental and occupational health; health education and promotion; and health risk communications. I have experience as a lecturer at both university level in the area of health psychology, health education & promotion, water supply & sanitation, biostatistics, epidemiology and research methodology. I have published several scientific manuscripts in various reputable journals on maternal & child health morbidities and mortalities in LMIC settings. I am a passionate digital health enthusiast with a special focus on holistic wellbeing at all levels.

International Labour Office (2014) Informal employment among youth: evidence from 20 school-to-work transition surveys / Erin Shehu and Björn Nilsson;  Youth Employment Programme, Employment Policy Department. – Geneva: ILO. http://ilo.org/wcmsp5/groups/public/—dgreports/—dcomm/documents/publication/wcms_234911.pdf

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