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Leadership Management

How to Help Employees Who Have Trouble with Finances

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Ensuring that employees not only thrive within their professional environment but also within their day-to-day life is essential to further their growth as talented individuals contributing to your organization. That said, while some employees may be financially savvy with little support, others require a bit more direction to ensure that they’re managing their money more effectively. If you’re looking to make your employees financially successful, here are a few tips on how to help employees who have trouble with finances.

1. Identify Their Main Financial Pain Points

Some individuals may benefit from a more thorough financial education while others may only struggle with one area in their financial lives. The key to providing the best support for your employees is understanding where each one stands as individuals. Are they struggling with debt? Do they have trouble with spending their money responsibly? Do they have crippling student loans and credit card debt? It’s better to provide more personally-tailored resources to your employees than to offer a blanket education that doesn’t provide them with what they truly need.

Take the time to speak with your staff members to learn more about what they struggle with and how you can support them. Only through finding out where each individual lies in regards to their financial literacy can you begin to offer the right help!

2. Discuss Financial Solutions and Strategies That Will Work for Them

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Once you have a better understanding of which aspects of your employees’ financial lives are giving them the most trouble, you can seek out solutions that help them achieve success in this area.

For example, you may wish to address topics such as:

  • How employees can create a realistic budget to better manage their money
  • Why it’s important to save and how your employees can start saving now
  • What employees should be doing to save for retirement starting today
  • Strategies that help them pay off lingering debt, no matter how large the amount may be
  • How to spend money more wisely to cut down on unnecessary expenses
  • Potential investment strategies for those who may be in better financial health but who struggle with financial growth

You can then offer relevant resources like helpful excel templates that allow your employees to budget more effectively, track their finances, and plan for the future. Remember the goal here is to figure out where they’re struggling and then to provide them with actionable advice and resources that they can easily incorporate into their day-to-day financial activities. Once they have a clear picture of the issues they’re facing and how they can begin to address them, they can start to readjust their course for financial success.

3. Provide Them with Additional Employee Benefits

Beyond providing them resources and advice that they can apply to their financial lives, you can also offer certain financial wellness benefits, like an early paycheck app that allows employees to access their earned wages early. A benefit like this could be vital to those who are living paycheck to paycheck and need to be able to access their funds as soon as possible. It keeps them from turning to hurtful payday loans and provides employees with major relief, improving your overall employee satisfaction.

4. Continue to Work with Them as They Improve Their Financial Habits

Financial habits are just that: habits. Providing one-time resources will not fix the underlying problems that can contribute to financial issues and subsequent stress. This can only be achieved when employees are able to break negative cycles that are at the root of their current financial woes.

So, if just providing resources isn’t enough to address the problem, what is? To see lasting change, develop programs that tackle both the problem and solution and establish long-term goals with your employees that help them stay on track and reach the level of financial literacy they need to thrive. With your support and dedication, they can achieve all of their financial goals!

Strive for Success

Financial success plays a major role in the way your organization runs. When you focus on all aspects of an employee’s life within your company, they feel more satisfied working there, resulting in improved productivity, a better quality of work, and higher retention rates. If your organization wants to place a greater emphasis on financial wellness, use the guide above to learn more about how you can better support your employees in this area!

About the Author

Katie Tejada is a writer, editor, and former HR professional. She covers developments in HR, business communication, recruiting, real estate, finance, law, and investing but also enjoys writing about events, travel, decorating trends, and innovations for the home.

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