You’ve hosted training days on fire safety, CPR, and teambuilding, but have you ever considered teaching your staff about financial wellness? Employees’ money management skills are usually kept personal, and there may be some people struggling behind the scenes.
For people who can’t control their financial situations well, it can lead to catastrophic incidents such as house repossession. HR departments that put more focus on financial wellness could help their employees get better with money and boost their general happiness in their careers.
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The Importance of Financial Wellness Programs
One of the biggest trends in the business world in recent years has been the rise of financial wellness training. In fact, recent research has shown that 51 per cent of employers are now receiving financial wellness training at work.
In the current economic climate, this is more important than ever. The cost of living is rising, along with increasing debt levels. This means that people are finding it harder to manage their finances, resulting in missed mortgage payments and the risk of losing their homes.
Businessowners don’t just have a moral obligation to help their staff get a better grasp on their finances. Indeed, there are other benefits to financial wellness programmes as well. For instance, employees who are stressed about money may perform worse at work, while happier, secure staff members may be more productive.
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Help Prevent House Repossession
House repossession would be one of the worst things to happen to anyone. If it happened to an employee, it would have a drastic effect on their life and also impact the company. There are various services online that offer to stop repossession, and it can often be done through striking a deal with a lender and coming up with a repayment plan. However, it would be useful if HR departments could do more to teach their employees before it reaches this stage.
There are a few ways that HR departments can help. One of the most effective approaches would be to offer emergency savings plans on annual salaries. This would mean that the company puts some money away for the employee for them to access if they find themselves in a bad financial situation. There could also be counselling services that give staff structured advice about how to manage their funds.
Implementing Financial Wellness Programs
For HR departments that want to implement a financial wellness program, it’s easy to do so by following some simple steps. First, it’s wise to assess your employees to discover what they main financial challenges are. From there, you can come up with a bespoke plan that suits their needs.
This could come in the form of a workshop, with fun activities to make people feel more comfortable. There could also be financial wellness perks added to the overall benefits package offered to employees.
House possession would be disastrous for employees, and it would also have a negative effect on a company. If you’re not implementing any financial wellness programs already, it’s imperative to jump on the trend and set something up as soon as possible.