How You Can Support Your Employees Through Financial Difficulties

Financial woes can be incredibly stressful. When employees take that worry into the workplace, it can be hard to be productive or focus on the tasks ahead. As an employer, you have an obligation to support staff if their issues are affecting their wellbeing at work or others. With the rising cost of living in the UK, more and more workers are finding it hard to remain debt-free. If you or any managers suspect that members of the workplace are struggling financially, there are a few things your business could do to support them:

Educate them

As you have a duty of care to your employees, you should take it upon yourself to educate staff on how to manage their finances. However, you do not have to do this yourself. You can employ the help of financial coaches to advise staff on how they can best manage their outgoings. These lessons on financial management can help workers get out of debt in the long-term.

Ensure you are providing a pension scheme

If you are worried that you’re not offering staff significant help regarding saving for the future, perhaps it’s time to put a pension scheme in place. By law workplaces now must offer their staff a pension scheme, so that they can begin to save for their future. Although you are only legally obliged to match the employee’s 1% contribution in the first year, by making a generous matching offer, you are incentivising staff to put money away each month and caring for their long-term wellbeing.  

Consider an EAP service

Another offering you could consider for staff is an EAP service. An EAP, also known as an Employee Assistance Programme service, can offer debt counselling to staff. This workplace wellbeing service doesn’t just cover financial troubles, but it also offers staff unconditional support during what can be a highly stressful, lonely time. As many workers don’t feel comfortable talking about their financial difficulties or mental health, the confidential EAP service is particularly beneficial for them. One of our clients found that their employees who utilised our EAP service reported their life satisfaction had improved by 20%.    

Offer the option of an advance

The likelihood is that there will be members of the workplace who have mounted up debt over the years. To make sure you’re available to help them when certain payments are expected, you could give them the option to come talk to you if they ever need an advance. This would be beneficial for staff wellbeing too, as it could help relieve stress when they’re under pressure in their personal life.

Reduce Commuting costs

For city centre workers in particular, car parking can set staff back a considerable sum over the course of the year. You can assist your staff by identifying areas around the workplace with either free or cheap parking. You could also introduce a cycling scheme at work, or encourage walking for those within a reasonable distance. This would have the added benefit of healthier staff, which could lead to a more productive workplace.   By taking these tips into account, you will show that you value staff and it will also help to strengthen bonds as you’re showing how much you care about their personal issues. For assistance on how to implement these techniques and schemes mentioned, get in touch with Health Assured today for more information.

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