FREMONT, CA: This is a time employees have to walk stepping on the storm. There is a financial crisis in almost every sector. Reports have revealed that most employees could not cover a $400 expense with cash, while many were unable to pay expenses by any means.
The corona virus has almost reached its worst phase destroying the lives of many either by threatening their lives or by threatening their financial needs. Surveys revealed that Covid-19 crisis has caused stress on employees’ personal finances without giving them time to prepare for their financial ups and downs. This is why employers need to think about implementing financial wellness programs for employees.
Spill over from work can be a hindrance to work properly. For any employee to work productively, a stress free workplace is very important. Surveys revealed that 50 percent employees admitted that financial stress has hindered their productivity. According to a Virgin HealthMiles/ workplace survey, around 87 percent of employees consider a company’s health and wellness offerings when choosing to work for a company.
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An employee hardship fund can ensure that employees and their families can weather an unexpected crisis. It is a critical tool to help combat financial instability. Employers can start using payroll deduction to encourage employees to create and continually contribute to an emergency fund. The employees need to be educated on the significance of implementing emergency fund and retirement plans. When employees are financially stable and secure, they are more likely to put more effort into work.
In addition to the stress of the pandemic, employees are struggling to pay debts, such as student loans, housing rent, credit card and other loans. If employers can offer a relief fund to repay the loans, it can bring a significant change in the employees’ overall financial well being.
It is important to recognize that employees who are reaching out for help are usually doing so from a place of stress, uncertainty, and anxiety. For any, asking for help is difficult and can be accompanied by feelings of shame. For that reason it is important to position assistance as a crucial resource available to anybody working in a company for a better working experience.