By Tara O'Sullivan
Last week, I focused on the “why” employees may be stressed about money and how that can impact their job. This week, I want to focus on the “how” employers can help make that process easier.
Consider these tips:
1. Offer classes – free of course – or online Guides or How To’s. Topics could include:
- Daily budgeting
- Education planning
2. Develop Lunch and Learns with Financial Experts
HR can put together lunch dates for employees – where experts come in and do short presentations about getting out of credit card debt, or give advice regarding money management.
3. Propose low interest rate loans
The State Employee Credit Union in North Carolina, for instance, offers short-term loans with low interest rates to state employees. This allows employees to cover unexpected costs without being charged exorbitant fees and interest rates that trap them in a cycle of debt. Other companies offer interest-free purchasing programs, again further helping prevent the never-ending cycle of debt.
4. Introduce employees to a financial coach
What about offering employees the services of a financial coach? Coaches can give advice and recommend changes or small steps that will improve their finances. In Delaware, a state-sponsored program called $tand By Me is used by employers to offer customized financial coaching that meets the needs of individual workers. The results have been astounding as employees have seen their debt reduced and their credit scores improved. Employers benefit too through increased job retention and happier employees.
Everyone, employees too, can make or take steps to improve their finances.
Why not make this February the month you take back control, start your own trend, a sort of #FinancialFeb.
And don’t forget to let us know, or suggest ways your company could help all employees.
Tara O'Sullivan is Chief Creative Officer at Skillsoft.