Businesses aren’t the only ones dealing with the economic side effects caused by the coronavirus. The pandemic came at a time where none of us was prepared resulting in a huge strain on those who were laid off or had their salaries reduced due to the new work-life reality.
Of course, not every working person had enough saved to survive through these tough times, from a bond or car payments, living and medical expenses, and other bills to settle every month, surviving on little to adjusted salaries has been a strain on many employees.
This is why organizations are encouraged to step in to assist their employees in financial wellness. Fortunately, UASA members have access to UASA Financial Services (UFS), a financial wellness service provider that supports our members on several financial wellness matters that assists them to build, secure and grow their portfolio and enjoy their money.
Below are a few tips that you can implement in your organization and make sure that your employees enjoy financial wellness and stability:
Educate your staff
Personal finance training in the workplace is of the utmost importance considering the current economic status and how people are striving to survive against all odds. With many employees surviving from pay-check to pay-check it is known that many workers are vulnerable to the expensive cost of living that gulps off their entire pay-checks just after taking care of their basic needs only.
To assist your employees with financial survival guidelines, there are a few short-training courses that you can introduce to your employees and cover topics such as:
- How to save money
- How to improve credit scores
- How to deal with debts
- Retirement planning
- How to draw up and stick to a budget
Financial literacy is one of the most essential skills your employees can have. With knowledge about how to deal with their finances and secure a better future for themselves and their families, they will be inspired to improve their situations.
Build an employee assistance program
Sometimes financial training alone is not enough. Other employees may be suffering more than what they lead on hence an assistance program may assist in a more practicable way. If your organization cannot afford to pay an external professional, you can nominate a trusted person by all employees this can be an HR person or manager who will be able to assist employees on a one on one basis. This will result in workers getting involved in most activities and having their lives back on track.
Promote a culture of well-being
A healthy and happy work environment is the most productive. Studies have shown that the more employees are happy and satisfied the more productive they are. Therefore, creating a culture focused on your workers’ well-being won’t only help those struggling with a financial crisis because mental and physical health is an essential part of every employee’s work-life balance. Hence, you must encourage your staff to be their happiest when they are at work because the value of a healthy workforce is more important.
Offer the right benefits
Take your time and engage with your employees, get to know what they are struggling with and what would they appreciate assistance with. Offering your employees workplace financial benefits such as:
- Discounts on gym memberships
- Affordable healthcare programs
- Debt counselling
- Tuition settlements
- Retirement savings plans
Any of those can be of great assistance for employees who are struggling with financial problems. These are the right perks and benefits that will have a significant impact on your workers’ happiness.