Manage HR Magazine | Wednesday, August 04, 2021
The unemployment percentage in the US has reached an all-time high, surpassing that of the previous 70 years, with approximately 10 million people out of work.
Fremont, CA:The coronavirus pandemic has caused one of the most financially difficult periods in the history of humanity. The broad COVID-19 limitations wreaked havoc on the world economy, sending it to new lows. The unemployment percentage in the US has reached an all-time high, surpassing that of the previous 70 years, with approximately 10 million people out of work.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
Employees lost their jobs, layoffs, and salary cuts, all of which pushed them into the worst financial straits imaginable. More than 84 percent of Americans believe the COVID-19 outbreak has made them worried about their money, with about 20 percent stating they have gotten financial assistance from a charity or community support center due to the outbreak.
The economic repercussions of the pandemic could also harm employee health and well-being, as financial stress is among the most prominent drivers of workplace stress and burnout.
An employee struggling to make ends meet or are afraid of losing their job amid a health crisis is more likely to forgo medical treatment due to financial worries.Furthermore, such employees are less likely to give their all at work, are more likely to take sick days, record unplanned absences, and are less likely to put in their best effort.
Given the vital link between an employee's financial well-being and a company's productivity, business leaders may need to reexamine financial wellness in the post-COVID-19 workplace.
Check Out: Financial Services Review
Improve Financial Literacy
Lack of financial literacy is a critical source of financial stress that business leaders and HR managers must address.
Employers must provide financial literacy programs in the post-pandemic workplace utilizing various ways, including self-service software, e-learning alternatives, or access to webinars and interactive tutorials with experts to deliver tailored instruction on financial services.
Conduct a Needs Assessment
An employer's perspective of tax rules and regulations, a competitor's benefits packages, and existing federal and state legislation concerning employee compensation and benefits should all get evaluated as part of the needs assessment.
The basis for a successful financial wellness campaign is laid by this early needs assessment.The evaluation will help determine which benefits are most beneficial in assisting company employees in achieving their most significant financial objectives.
Periodic Evaluation of Benefit Effectiveness
It's not enough to supply the employees with financial wellness materials and tools or build a new benefit plan based on the needs assessment; businesses also need to regularly evaluate the benefit plan program to determine if it's functioning.
Benefit plans can all be affected by changes in the economy, business climate, and workforce demographic, so it's crucial to review them regularly to see if they're still serving the employees' needs and the organization's goals. Create metrics to track an employee's financial health over time and make personalized recommendations based on the results.
See Also: Top 10 Analytics Solution Companies
More in News