4 ways to help employees with their finances

By admin | Nov 30, 2020

Your employees are the driving force behind your organization. They are a valuable asset that represents your business and brand. If your employees are facing financial stress or just find it difficult to manage their finances, this will directly impact your organization. Addressing the financial well-being of employees can help reap higher employee engagement, fewer absences from work, and greater levels of productivity. 

 

Employees too will welcome their employer’s involvement in helping them improve their current financial state and plan their future better. Here are 5 ways that your organization can help employees manage their finances. 

 

Flexible Work Schedules

 

Employees who drive to work daily spend a lot of money on fuel. Also, if they have children, they may have to hire a nanny or pay for a day-care centre while at work. Allowing employees the option of working a 4-day work week where they can work four 10-hour days instead of five 8-hour days is one way to help them reduce costs. An extra day off per week can help them save on fuel costs and daycare expenses.

 

Financial Education Sessions

 

Financial education is crucial in managing money. Many employees may excel at their job and other activities but may have a tough time managing their finances. Schedule money management learning sessions as part of employee enrichment every week. During these sessions, a finance expert can teach them the various aspects of managing finances such as setting financial goals, eliminating debt, building a good credit score, investing, and increasing savings. Hire a financial advisor or planner to give your employees in-depth knowledge that will surely help them achieve their financial goals. 

 

Financial Wellbeing Programs

 

To improve the overall well-being of your employees it is important to look beyond the traditional nutrition, fitness, and mental health programs. Having a financial wellness program will help them get on the right track about the importance of financial knowledge. Offer financial contests within your organization or create engagement programs that challenge the financial knowledge of your employees. Have a detailed outline of the contests and what they need to do to earn rewards. Here are a few ideas on what you can include. 

 

  • Give them incentives for attending an on-site financial education seminar

  • Hold a contest based on the financial benefits that are offered by your company

  • Challenge them to set a monthly savings goal 

  • Have a yearly debt cleanse competition that motivates employees to pay off their loans

  • Include mini-benefits for employees that reduce costs by carrying their own lunch or brewing their own coffee instead of ordering out.

     

Employee Discount Programs

 

A great way to help employees hold on to their savings is to offer negotiated discount programs on health insurance, personal loans, and retail goods. Programs and offers like these help reduce the financial stress of employees and give them the ability to achieve their goals in life more easily. Having a tie-up with a company that offers personal loans exclusively to your employees at a lower or 0% interest rate will help reduce the financial burden of your employees and help them focus more on streamlining their finances.

Being financially aware and educated will help your employees manage their money better. These 4 tips are stepping stones to help them outline a financial plan that reduces their costs and get closer to achieving their life goals. 

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