There’s no denying that these are tough times. The COVID-19 pandemic has upended our lives in so many ways, and one of the most significant has been the toll it’s taken on our finances. Millions have lost their jobs, and even those of us who are still employed are feeling the pinch in other ways—from rising costs of living to increased anxiety about the future.
But here’s the thing: our financial wellbeing doesn’t just impact us as individuals. It also impacts our work lives. After all, if we’re worried about money, we’re not going to be as productive at work. We might even start looking for new jobs that offer better pay and benefits.
So what can employers do to promote financial stability among their employees? Keep reading to find out.
1. Offer Financial Wellness Programs: One of the best things employers can do to promote financial stability in the workplace is to offer financial wellness benefits. A financial wellness program should also include support for employees in times of hardship. This could include providing access to coaching, counselling, legal advice and other forms of assistance. Employees should also be made aware of any external financial support options that may be available to them.
2. Encourage Healthy Money Habits
Another way to promote financial stability in the workplace is to encourage healthy money habits. For example, you can start a lunch-and-learn series on topics like budgeting, money mindset, and credit scores. By helping your employees get a better handle on their finances, you can help them feel more financially stable—and that will translate into better work performance
3. Employee assistance programs; allow employees to set aside pre-tax money for qualifying expenses, such as healthcare costs or dependent care costs. This can help reduce your employees’ overall tax liability, freeing up more money for other expenses—like savings or debt repayment. And that can make a big difference when it comes to promoting financial stability.
There’s no denying that these are tough times financially for many people. But did you know that your employees’ financial wellbeing also impacts your business? That’s why it’s so important to promote financial stability in the workplace. And there are plenty of ways to do it—from offering financial wellness benefits to encouraging healthy money habits. So what are you waiting for? Start promoting financial stability in your workplace today!
Ready to consider financial education and coaching for your colleagues? Get in touch with one of our experts today!
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