Home Business Insights & Advice How businesses can help employees who are having money troubles

How businesses can help employees who are having money troubles

30th May 17 12:16 pm

Check out these simple tips

Supporting staff as a business can be one of the most valuable things that you can do, and it can really help to show your employees that you care about them and their personal troubles. The workplace should provide a safe and supportive environment at all times, and HR professionals should be understanding of those people who can struggle financially, particularly when emergencies hit. With some employees, they may need a little bit of a helping hand, and with debt being such a major problem amongst adults, with reports suggesting that in the UK 209 people declare insolvency or bankruptcy every day and the average debt being around £28,877 per adult, it is important that employees are well looked after. The stress of personal debts and troubles can affect a person’s work, and with work stresses added on top, this can lead your employees to breaking point if they are not looked after. There are a number of ways that you can help your employees when it comes to money troubles.

Financial Support

While there are a number of ways your employees can help themselves to get out of debt alone, such as consolidating debts with a short term loan, there are a few different ways that the business can provide additional financial support. One of the ways that a business can do this is by offering cash advances when their employees are in need. While it is important to manage this appropriately, it is a possibility to provide your employees with a cash advance in order to help them out. Showing them an understanding can really help to boost staff morale, and provide your employees with a trust element with the business that they may not have had before. This will help to return loyal employees.

National Living Wage

Another way that you can help your employees to avoid financial troubles is to move away from the National Minimum Wage and consider introducing the National Living Wage instead. The National living Wage is based on the cost of living in the UK, and reports from employees who have implemented the voluntary living wage have shown an improvement in recruitment, retention and even absence from work.

Understanding Your Employees & Their Needs

The easiest way to help your employees when it comes to their money troubles is to be understanding of their situation, and to understand their needs. There are a number of different reasons why your employees may be experiencing money troubles, and sometimes this can be a direct impact from work (due to travelling costs particularly if there are a lot of external client meetings) or may be due to a financial emergency that your employees might not be comfortable discussing. There are a number of different issues that can arise throughout your employees’ time working for a particular business, and being aware of this is particularly important. Showing a bit of compassion to your employees can go a long way, particularly when it comes to helping them deal with any troubles they may be facing.

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