A recent report by Willis Towers Watson discovered that almost a quarter of surveyed employees fell into the “high-stress” category when it came to dealing with their finances. Unfortunately, that financial stress tends to pervade nearly every aspect of an employee’s life, including – obviously – their work. And the stats don’t get any better. Employees who are struggling financially will lose 41% of work time compared to their less-stressed counterparts. Plus, they’re more likely to have low engagement and productivity levels. Whether we like it or not, an employee’s financial struggles can easily become an HR problem. Want to fix that? Check out the top 4 ways you can easily help improve your employees’ financial wellbeing!
1. Flexible Schedule
HR professionals already know the importance of a flexible schedule. Not only does it provide the opportunity for a better work-life balance for employees, but it can actually improve productivity and engagement. But there’s another unexpected upside to allowing your employees a bit of flexibility in their scheduling: it saves them money! The option to work remotely or choose your own hours means employees don’t always have to commute into work, so they can save on gas or public transportation costs. What’s more, the necessity for child or pet care, which is more often than not a costly expense, is dramatically reduced. If you’re looking for an easy way to help your employees save, consider implementing a flexible scheduling option!
2. Financial Advising
Many employees develop their financial stress simply because they don’t feel educated enough on the topic. When this is the case, the best thing you as an HR professional can do is offer them as many resources as possible. To begin, get a good understanding of the kind of financial advice your employees want with a survey. From there, you can find a myriad of options that will provide financial education to your employees. Depending on your employees, this can range from budgeting advice, saving tips, investment suggestions, or retirement plan help. Not only can these lessons benefit your employees’ financial wellness, but a less financially stressed employee will be more productive and more engaged.
3. Referral Bonuses
As an HR professional, you probably know the importance of acquiring talented employees for your open roles. But did you know that the most effective way to recruit talent is through your current employees? Not only do employees understand their employer’s brand, culture, and needs, but they also know whether their referrals are equipped to fill open roles. Incentivize your employees to refer the best possible candidates by offering a referral bonus and encourage them to put it towards something important, like monthly payments or a savings plan. You can help put money into your employees’ pockets and find fantastic candidates all in one fell swoop!
4. Perks and Discounts
One of the best ways to help your employees save money is to offer them discounts in the places they spend the most money. But that can be difficult when you have a diverse workforce with different needs. Some employees may want to save on big-ticket items like automobiles or insurance. Others may want savings on smaller, everyday items like groceries, electronics, and other categories. That’s why an option like a perks and discounts program is perfect. Employees can search for the discounts that apply best to them and use them as they see fit.
Everybody knows how difficult it is to concentrate on work and other responsibilities when financial stress is weighing heavily on their mind. Therefore, it’s important that an employer takes the necessary steps to relieve employees’ stress when they can. If you don’t already, try implementing these different suggestions in your company to improve financial wellness, engagement, and productivity!