There’s no denying that on top of the Covid-19 pandemic, the increase in the cost of living and the uncertainty surrounding it is having an extreme impact on people’s financial wellbeing. Here are five ways to support the financial well-being of your employees during this stressful time.
Five effective ways to support employees’ financial well-being
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Be open when talking about money.
For too long now, talking about money has been a massive taboo within workplaces and society as a whole. To ease the stress and be able to support your employees, you need to start the conversation. Make the environment one where employees know that they can talk about their financial issues and let them know that it’s okay to feel worried about money. Ensure you have wellbeing support available at all times, so if an employee wants bespoke advice, that’s something they have access to.
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Implement support measures
Talking about money is a big step in the right direction for supporting financial well-being, but equally, there needs to be kept in place for those suffering. An example would be adding an insurance policy to your company, such as group income protection insurance which would not only help your employees’ financial wellbeing but would protect their money, too.
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Rethink your schemes
Public transport schemes are proven to be efficient and effective at reducing travel and parking costs. However, given the current climate, people are still feeling nervous about traveling on public transport when they don’t have to. So, different research schemes you could promote, such as cycle to work schemes, will help save your employees a lot of money and undue stress.
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Offer debt solutions and payback plans within the workplace
For an employee who was perhaps already struggling with debt and is now suffering, having someone ask them what they can do to help can do wonders for their well-being. It’s essential that any debt an employee has doesn’t escalate and worsen an already weak financial situation. In this case, as an employer, you could consolidate debt and offer salary deducted loans with a payback plan to help them pay off their debts straightforwardly and affordably.
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Empower your employees through education
Something like a financial wellness program could work wonders in supporting employees’ financial well-being. We’ve all had to go through situations in the last few years that we’ve never been prepared for, so having some kind of dedicated resources to help employees manage their money during these unprecedented times could be invaluable.
In particular, financial education programs target key moments that most people may struggle with, such as buying a new home or preparing for retirement. Allowing employees to feel empowered to take charge of their own financial situation is one of the most important and supportive steps to take when trying to help your employees with their financial well-being in times of extreme financial stress.
Overall, there are numerous things that businesses can do to support their employees in times of financial stress. With these five examples in mind, you will be able to tailor an appropriate financial support system that best suits the needs of your employees personally.
