As an HR professional, being attuned to the stresses that employees in your organization face from day to day is a key step in assisting them to face and overcome them.
This is not just about fulfilling the basic requirements of your role; aiding team members in this way will keep them happier and more satisfied in their jobs, as well as increasing their loyalty to the organization and their performance as a result.
With this in mind, here are a clutch of useful tips for any HR managers that want to support workers when they are waylaid by money worries.
Make sure you’re providing everything they need, e.g. paystubs
One of the most common financial complications that people can encounter is that of needing to apply for a loan, such as a mortgage, but finding that you do not have the right paperwork.
It is partly the responsibility of the employer to step in and sort out any issues of this kind, especially when it comes to providing proof of income, and HR can step in here.
Paystubs are a great example of what you need to provide to give employees the best chance of being approved for loans, and if you are not issuing them already, you can use a paystub maker to quickly create them for everyone on your payroll.
Offer access to expert resources & assistance
Fulfilling your obligations as an HR pro when it comes to paperwork is one thing, but it is not possible to give team members the guidance they need in-house in many cases, especially as financial stress can be incredibly varied and unique to each individual.
This is where offering access to third party resources and financial professionals as part of your employment package is a good idea. Whether workers need stewarding to overcome bad credit scores, counseling for gambling addiction or any other kind of money woe, outsourcing this or even just being able to point them in the direction of publically available resources is always worthwhile.
Negotiate discounts for workers
Lots of businesses within the same community will be willing to provide discounts to their contemporaries so that employees of one organization are incentivized to shop at particular stores, visit particular attractions and generally keep their cash circulating in the local economy.
This is not just a useful perk to be able to offer, but can actually make a tangible difference to the lives and disposable incomes of team members at every level. All you need to do is get out there, speak with other firms and negotiate discounts, perhaps on a reciprocal basis, in order to reap the benefits.
Pay promptly & consistently
It might seem obvious, but if employees cannot rely on their paycheck to arrive on time and for the cash from their salary to be available in their account at the same point each week or month, then this can create a huge amount of stress, uncertainty and disruption in their lives outside of the office.
Small businesses in particular can be susceptible to cash flow complications which might make timely salary payments an issue at certain points. Putting contingencies in place to overcome such hiccups, and at the very least warning workers well in advance if there may be delays to pay, should be a priority.
Actively look for employees in distress
Last of all, do not just be passive in your approach to helping employees with financial stress. Instead, aim to tap into these issues as soon as they become apparent in the behavior of the person in question and offer proactive support.
Once again this will benefit the entire business in the long run, as stable and content team members are more productive than those distracted by money worries.
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