With talks of a looming recession, employees’ stress regarding their financial well-being is sure to make its way into the workplace. Offer support for employees with financial well-being programs to help them manage finances.
The average American has $90,460 in debt! Debt causes employees to take risks and have trouble focusing at work.
Instead of focusing on work, their productivity decreases because they’re thinking about their financial struggles. But is there a way to help your employees manage finances? Read this guide on how to help your employees manage their finances during a recession.
Have an Open-Door Policy
Have an open-door policy where employees can speak with human resources about current financial struggles. This doesn’t mean you have a completely open schedule but set hours for such situations. You could also have them sign up in advance for a scheduled appointment.
Listen to their concerns with openness and offer suggestions. Right now, home prices are through the roof, and you could research and offer helpful resources for them.
Survey Employees
Understanding the spread of financial stress among your employee population is critical if you’re looking to proactively address employees’ financial well-being. An anonymous employee financial well-being screening helps employers gain insights into aggregate financial situations across their workforce. Likewise, the assessment tool exposes employees to their financial well-being as a cumulative score.
Topics covered in financial assessments include:
- Retirement planning
- Financial preparedness
- Debt management
- Control over current finances
- Credit
- Investments
- Financial flexibility
- Insurance coverage
Following employees’ completion of the screening, supportive employees with financial resources such as:
- Meetings with financial specialists
- Financial well-being programs
- Educational materials
- Connection to financial services
Have Financial Wellness Programs
Talk about our 4 financial well-being partners
Offer Employee Discount Programs
Corporate wellness programs could include discounts on home and car insurance. It could also be discounts on local attractions. Some companies will have programs to help employees with educational services and household items.
Connect Them With Financial Advisors
You don’t have to be a finance expert, but you can connect them with those who are. Through many financial wellness programs, employees are connected to financial experts, including financial advisors, for one-on-one discussions. Many of these programs also include digestible content written by financial advisors.
Produce Flexible Pay Models
Many employees’ salaries haven’t increased much in decades. Research new pay models that could help employees. Use time-tracking devices for employees to input their hours worked.
Through this, you can create convenient payment systems. Employees can set up their own pay schedule, or you can pay them every day they work. This allows employees to find solutions to their financial difficulties.
Consider merit-based pay as well. This includes bonuses, vacation, benefits, salary, etc. Vacation time and benefits will build loyalty in your company and help them destress.
Provide Meals at Work
Consider company lunches or incentives to earn free meals. The meal and entertainment expenses tax deduction in the United States allows you to pay for your workers’ meals to perform at their job.
Consider having a kitchen at work for employees to store their lunch. Keep healthy snacks in the office to help fuel them throughout the day.
Support Continued Education
The cost of going back to school to further your education can be both an expensive and time-consuming choice for an employee to take on. Investing in the continued education of employees whether it be focused on soft skill improvements, language development, or continued learning in their area of specialty, can be critical to their career development. Plus, these newfound skills will later be transferred into their work.
Education leads to less time having to find specialty replacements and can be a tool to create more efficient work.
Educate Them on Benefits
Many don’t understand the benefits of 401 (k) programs or disability insurance. Have your HR team prepare an informative package on the benefits or set a meeting to discuss the importance.
Consider having a representative from the company review the programs and help employees understand what’s best for them. Be available to go over any questions they might have regarding benefits or financial education.
Better Understanding How To Help Your Employees Manage Finances
After exploring this guide, you should better understand how to help your employees manage finances during a recession. Take your time coming up with a plan of action that’ll work for your employees.
Provide a survey to see the main pain points for employees. Remember that a happy and less stressed employee will be more productive.
Are you ready to set gain insights on your organizations’ financial well-being today? Connect with our team today to learn about our science-based and validated financial well-being assessments and our integrated financial well-being programs.
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About CoreHealth
CoreHealth by Carebook is a total well-being company trusted by global companies to power their health and wellness programs. Our wellness portals help maximize health, engagement, and productivity for over 3.5 million employees worldwide. We believe people are the driving force of organizations and supporting them to make behavior changes to improve employee health is in everyone’s best interest. With the most flexibility, customizations, and integrations of any software in its class, CoreHealth’s all-in-one wellness platform helps achieve great wellness outcomes.
From simple to sophisticated, it’s up to you. For more information, visit the CoreHealth website.
