From our archive. This article was published on 13 July 2021. Rules and amounts may have changed since.
Money worries rarely stay at home. They have an impact on employees’ concentration, health and engagement. An employer can contribute to their financial well-being in several ways.
Make money easy to talk about. Workshops or information sessions on budgeting, saving, borrowing and pensions help employees make better choices. Choose an independent partner with no sales targets.
Offer a confidential point of contact. With an Employee Assistance Programme (EAP), employees with financial, legal or personal questions can turn to an external expert. The employer only sees anonymous figures.
Explain your benefits clearly. Many employees do not know what their group insurance or hospitalisation insurance is worth. Clear explanations increase appreciation for what you already offer.
Respond humanely when problems arise. A wage garnishment or repeated requests for an advance are often signs of a bigger problem. Discreet budget coaching helps the employee make lasting progress.
Think about your pay policy. A cafeteria plan or flexible remuneration lets employees choose what suits their situation.
Want to know more? Take a look at our Employee Financial Well-Being and EAP services, or contact us.