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How Employers Can Help Their Employees
In our most recent blogs, we’ve focused on the many pressures that threaten the stability and health of the modern workplace. Americans are retiring later than ever; stress in workplaces and personal lives are producing extremely negative repercussions, and new research is highlighting the mounting challenges of creating a sustainable and ergonomic work environment. At TrueConnect, we realize that these are all serious problems whose impacts can be lessened through education and strategic financial action, such us our needs-tailored employee benefits solutions.
It’s easy to imagine that your company might be immune to these modern pressures, especially when their effects are not immediately obvious. Unfortunately, research shows that things are getting tougher for businesses and employees alike. According to a survey by Willis Towers Watson, the financial health of employees has taken a dive. Despite several years of positive growth, the results of this study show a harsh truth: more people feel that their financial woes are negatively affecting their lives and leaving them increasingly anxious about their futures. The Global Benefits Attitudes Survey conducted in 2017 clearly shows this drop: two years ago 48% of respondents were satisfied with their financial health; today, that figure has dropped to under one third. As the Atlantic has reported, the Federal Reserve Board has been conducting surveys to monitor the financial and economic status of American consumers. When asked how they would pay for a $400 emergency, 47% of respondents said that either they would cover the expense by borrowing or selling something, or they would not be able to source that amount at all.
How to stop the spiral of financial woe
This insecurity and dread are felt especially harshly by employees who struggle the most financially. Nearly a third of employees reported being worried about their short- and long-term finances; this group of hard-hit workers additionally suffered elevated stress, an inability to focus on their work and be fully productive, and an increase in their anxiety towards their future. All of these measures have seen a dramatic increase in the last three years.
Despite these rising challenges and growing anxiety, there are several ways to surmount the challenges of the modern business world. One of the most effective solutions for financial strife is education. Practical advice for your employees from industry professionals can go a long way in creating awareness of financial issues, and knowledge of sustainable solutions to save money and cut costs both at home and at work. Training sessions and courses can be effective means of helping employees regain control of their present and future finances.
Another effective way to banish financial woes is through implementing employee benefits solutions or other such financial well-being programs. These are numerous and varied and can be tailored to the specific needs of your employee. They range from 401k contributions and student-debt repayment aid to employee loans and other pension or lifestyle contributions. As we’ve shown, even ‘minor’ amounts that Americans need in a pinch to pay unforeseen expenses can be extremely difficult to source — which is why TrueConnect offers loans of up to $3000 to lend you a financial hand when you need it most. Best of all, our assistance does not require credit checks, meaning that you’re eligible even if your credit score has been negatively impacted by debt.
TrueConnect helps employers help their employees. Through our simple and easy-to-manage loans services and consultation, we can help businesses figure out how to beat life’s financial curveballs and give their employees the help they need to banish their financial worries. To learn more about the difficulties businesses face and how employee benefits solutions and loans can beat them, visit our website or book a consultation to speak to one of our experts.