Be The One Your Employees Turn To In Times of Financial Stress
We’ve all experienced it at one point or another in our lives — the burden of financial stress. At times it can feel as if you’re standing at the base of an insurmountable mountain, its peak hidden by dark, lightning-streaked clouds, and you — small and insignificant — left wondering if you’ll ever be able to scale this beast. Truthfully, money woes are enough to give anybody gray hairs!
While we’ll concede the above is a tad dramatic, it’s an unfortunate truth that for many people financial stress is a primary cause of mental and health problems. With monthly bills to pay, retirement planning, mortgage, and even holidays, it can honestly all become a bit too much at times. It goes without saying that monetary challenges have repercussions for the workplace, too. Employees who are in debt are often distracted enough as to negatively affect their productivity and attitude.
Here’s where you come in: by understanding and empathizing with your employees’ financial situations you can institute measures to assist them in their time of need.
Help your employees become financially literate
Defined by The President’s Advisory Council on Financial Literacy as ‘the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.’ A financial literacy course will help your staff become money-savvy by arming them with the core basics of good personal finance.
Implement financial counselling to reduce debt
According to the Federal Reserve, revolving credit — which consists of mostly credit cards — has risen from $11.2 billion to a rather shocking $1.023 trillion. With national debt on the rise, financial counselling administered by a trained professional will help your employees devise a repayment strategy for any outstanding debts.
Convince them that it’s never too late to start saving for retirement
With everyday issues often taking precedence over the seemingly far-off, ill-defined concept of retirement, many people are inadequately prepared for their golden years. With that said, planning for retirement is undoubtedly one of the most important aspects of personal finance. You can assist your employees by setting up a robust retirement contribution plan, with the 401k being one such solution. This qualified, employer-sponsored retirement plan deducts money from employee salaries pre-tax and offers incentives and benefits for saving, too.
Offer an employee benefits solution with TrueConnect
One can never plan for emergencies, be they health or financial. And when a crisis does inevitably strike, people are often left scrambling for extra cash, despite their best intentions to save and plan for the future.
When they are struggling, be the one your employees turn to for a helping hand.
TrueConnect provides safe, affordable loans of up to $3000 for employees as an alternative to predatory lending products and practices. These loans are easily repayable through small, secure automated payroll deductions over a full year. It is also remarkably simple for you as an employer to implement:
- No financial cost: TrueConnect is free to you, the employer
- No enrollment process: employers can start TrueConnect anytime during the year
- Easy to administer: employees can go to our website to apply for a loan through a fully automated process
- No financial risk: qualified employers are not responsible for the loans
When stress is alleviated and preoccupation removed, your staff are free to pour their attention and skill into excelling at their respective jobs. Begin a TrueConnect payroll loan today and start fostering a culture of empathy and positivity in the workplace!
For more information about TrueConnect, please head over to our website.