As virtually any manager or business owner will tell you, stress and distractions for employees can cause problems in the workplace. When workers are financially unstable, they can experience stress and anxiety surrounding their income, housing, and other aspects of life. This stress often leads to a decrease in focus and productivity at work. With financial instability mounting as a result of the COVID-19 pandemic, many employers are working to find ways to soothe their team’s worry. One way that employers can reduce stress among their staff is to offer personal finance tools and wellness programs. These tools can provide education about topics like debt reduction, emergency funds, retirement planning.
Soothe Stress By Offering Debt Reduction Tools
One of the most significant financial stressors for employees tends to be debt. Whether your staff members have debt due to student loans, credit cards, or other sources, providing personal finance tools is an excellent way to give them a game plan. Personalized financial education programs can introduce the basics of debt reduction strategy. These programs can also provide calculators and other tools to help your staff navigate a path to a debt-free life.
Increase Stability By Encouraging Emergency Planning
Families in the U.S. are facing unprecedented economic instability, and many are finding their emergency financial preparations to be insufficient. Personal finance education programs often encourage individuals to save for emergencies, typically with the goal of accumulating enough money to cover expenses for a few months, a year, or longer. Employers should consider providing personal finance tools for their staff members to encourage long-term financial planning.
Personal Finance Tools Can Help Employees Plan for Retirement
Finally, employers should offer personal finance tools to help their team members plan for retirement. A thorough, informed, and attainable retirement strategy can put employees of all ages at ease, allowing them to focus on work instead of potential financial woes. Many personal finance tools are specifically designed to help workers plan for retirement, and there are plenty of educational tools that employers can offer to explain various retirement planning strategies and accounts.
Use EveryIncome to Boost Your Team’s Financial Proficiency
EveryIncome is dedicated to providing our clients with career and finance management tools to help them create a stable financial future. Whether you are an individual, a small business owner, or part of a multinational corporation, our system of tools and guided learning is tailored to fit your specific needs. Our solutions for businesses allow employers to give their staff the financial planning tools that they need to stay in control of their finances. Contact the team at EveryIncome online or give us a call at (571)370-5400 to learn more about our offerings. For more valuable tips for business owners, follow EveryIncome on Facebook, Twitter, and LinkedIn.