You pay your employees a competitive wage, but what happens after they take the money home? After all, a paycheck is only one part of a person’s overall financial wellness.
As an employer, you can do more to help your employees further their financial education and be smarter with their money. Here’s how.
Ask about their needs
Where do your employees think they’re falling short when it comes to financial wellness? Are they struggling with saving, paying for health care, or investing? What benefits does your company offer that they love, and which benefits do they wish you had? Why aren’t they participating in certain programs your company already offers? Knowing where your employees stand is key to being able to help them with financial wellness.
Educate about the basics
Educate your employees about the basics when it comes to their paychecks and benefits. Walk through rates, deductions, taxes, and contributions that affect their take-home amount. Additionally, make sure they understand all the financial programs and options you currently offer.
Add in additional training
There are many options for programs that can help you offer exceptional financial literacy training to your employees. Whether it’s an online program you subscribe to, or an in-person training you schedule, giving your employees the resources they need to make smart financial decisions will help them feel empowered.
Programs like these can cover a wide range of topics, including:
- Personal savings
- Assistance programs
- Debt and debt repayment
- Retirement preparation
- Reducing expenses
- Planning for emergencies
Promote other types of wellness
Financial wellness, physical health, mental and emotional wellbeing—these things are all closely linked together. Physical and mental health problems can end up creating a financial burden. Helping your employees live balanced, happy, healthy lives can ultimately benefit their financial wellbeing as well.
Continue to offer fair and competitive pay
Make sure you continue to reward your employees for effort, experience, and time with the company. Regular raises should be given as often as they’re deserved—at minimum, they need to keep up with the market. If your employee can make a higher salary doing the same job at a different company, you can’t expect them to stay with you. Paying your people what they’re worth will enable them to build their financial management skills, while also building loyalty to the company.
Many employees live paycheck-to-paycheck, and when it comes down to it, they feel financially insecure. You can help them discover the stability they’re looking for by promoting financial wellness for your employees in any way you can. They’ll thank you for it!
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