Posted January 25, 2018
Employees are more worried about finances than they were just two to three years ago, reports Willis Towers Watson. Many are frustrated that they cannot get ahead financially. Often, they end up spending time at work worrying about how to meet financial commitments. Employers can build employee relationships, and increase productivity, by helping to resolve these concerns. Consider four ways employees can experience financial well-being.
- Save money – Nearly 30 percent of employees surveyed have financial stress, with 81 percent indicating that they live paycheck to paycheck. In the past two years, at least 51 percent of employees suffered a significant financial event, often involving major medical expenses. Make it easy for employees to save by educating them about their options. Setting up an automatic deposit into a savings vehicle is one of the best ways to save.
- Plan – Through financial well-being programs, employees learn that financial health is more than just saving money or building wealth. It’s about developing economic stability, so they have the freedom to live their dreams, such as purchasing a new vehicle, traveling or investing in a new business adventure. Search for “financial planning worksheets” on the internet, and look for free resources, too.
- Set goals – It’s impossible to reach financial goals without a strategy for spending and saving money. A financial well-being program will help show employees how to develop a budget to work toward their goals while covering monthly expenses. The key is to write down a realistic budget and stick to it. This is where those free worksheets from the web come in handy.
- Self-control – Budgeting and investing can be confusing. Encourage employees to seek professional advice, or offer a financial education luncheon with an expert to speak about personal finance. Employees also should have an accountability partner who can objectively discuss purchases, debt payments, and savings. At usa.gov, there is a whole section about money and consumer issues, including information on banking, saving and investing.