How Companies Can Help Support Employee Financial Wellbeing

When you’re running a business, your employees are crucial to its success. Therefore, it makes sense that you’ll want to keep them happy. There are a lot of things which can affect an employee’s performance on the job and one of them is financial troubles. If you really want to get the most from your workforce, providing financial help can be a great incentive. Here, you’ll discover how you can support your employee’s financial situation.

Encourage Employees To Save

In a recent study, employees admitted they would be happier if their employer encouraged them to save more. Having additional savings would eliminate a lot of financial stress, in turn helping your employees to be more productive in the workplace. However, saving doesn’t always come easy. Many employees struggle to understand money market vs savings accounts along with other crucial financial terms.

So, how can you encourage your employees to stop spending and start saving more of their earnings? One of the best ways is to include an employee savings scheme. There are a number of ways this could work. One of the most effective ways would be to allow your employees to enroll in an auto savings plan. Then, once they get paid their wages, a set amount is put to one side in a savings account. Your employees will barely notice it, yet they’ll be steadily building up savings each month.

Offer Financial Perks

As well as savings, there are other financial perks you can add to the workplace. Focusing on your employee’s financial wellbeing is crucial in today’s workplace. So, you’ll want to consider adding financial perks such as early access to salaries, access to employee loans and financial training.

These are just a small number of financial perks your employees would find useful. Ensuring your employees feel comfortable talking to you about any financial issues they’re experiencing is also important. After all, if you don’t know what your employees are going through, it’s going to be pretty tough for you to support them in the workplace.

Providing Healthcare

The cost of healthcare and prescription drugs can be really expensive for employees. The trouble is, if they are working full time for you, yet they still can’t afford to take proper care of their health, they are going to seriously consider switching to your competitors.

Offering help towards the cost of healthcare and prescription drugs can prove to be a really great incentive for your workers. It’s potentially one of the most useful financial perks you can add to your benefits scheme.

Give Financial Guidance

We briefly touched upon the benefits of financial guidance earlier. However, it can’t be stressed enough how beneficial financial guidance can be to your employees. Another recent survey revealed that many employees want financial guidance from their employer. For this reason, well-liked business owners offer their employees professional assistance. They put employees in touch with American Express financial advisers along with other experts.

Providing money management advice is a great benefit. This would include counseling and debt management advice for those really struggling with their finances. You don’t necessarily need to hire anybody in-house to take care of this for you. There are lots of third-party companies you can outsource this advice from.

Overall, if you want to take care of your workforce and ensure your employees are as productive and motivated as possible, taking care of their financial wellbeing is crucial. The above are some of the best ways to start offering financial perks into the workplace.

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