Businesses are not the only ones experiencing the economic consequences thanks to the coronavirus outbreak.
With the immense escalation in furloughs, layoffs, and unemployment, the workers may also be struggling to manage the finances.
The employers can help during such an emergency. By creating detailed initiatives, they can enhance financial wellness and pave the way for a more productive workforce.
Educate
With a major segment of the population living on paycheck before the economic decline, some of them may face unexpected monetary problems.
Debts such as student loans, mortgages, or car installments may contribute to the problems when the main earning member suddenly loses his/her job.
To help the workers survive such a crisis, employers can offer free educational courses. The former can learn how to make the most out of the savings while keeping unnecessary expenditures at bay. The topics include how to save a larger portion of the income, how to pay the liabilities off, and how to improve the credit scores.
The experts practicing financial wellness in South Africa said financial literacy is perhaps one of the most essential skills an employee must cultivate. With proper knowledge, one can survive situations such as the current pandemic seamlessly.
Promote Culture of Comfort
A workplace culture that focuses on the employees’ comfort and security will reduce financial crises. One, after all, can work properly only if they feel happy, safe, and healthy.
The employers must motivate their workers to be their healthiest versions under all circumstances. It does not matter if they are in the office or operating remotely. Denying mental and physical health is preposterous.
Remind the staff to take breaks or go outside in between the shift. Ask them to utilize their vacation days. Keep the staff active by arranging entertaining fitness competitions, walk conferences, on-site trainings, and group outings.
Build Employee Support Program
The experts offering the best campaigns of financial wellness in South Africa said although education can help almost all the staff members, they would still need some sort of additional assistance. Thus, every company must build an employee support program.
Employee support programs handle not only monetary hardships but also personal issues. Difficulties such as relationship struggles, addiction, and emotional disorders all qualify one for assistance. The programs work by giving staff access to a proficient counselor.
Provide Correct Benefits
Providing benefits such as free meals, on-site childcare, and discounts on the gym allow an employee to exert cent percent effort. However, when it comes to financial problems, these perks do not any good. Instead, employers can offer health insurance, retirement plans, tuition repayments, and debt management. The right benefits during the right time can have a profound impact on the workers’ happiness and the businesses’ prosperity.
Advocating for the wellbeing of the employees not only helps them care about themselves, trigger morale, and alleviate absenteeism to a great extent.
If a business can constantly measure its staff’s mood, it will be able to enjoy optimal yields within a short period.
