What’s Next: Reducing Stress & Promoting Financial Wellness
Knowing the signs of employee financial stress is the first step HR can take to minimize its impact on the workplace. With a solid understanding of how financial stress shows up in the workplace, your team can determine how to support employees. A practical approach addresses employees’ stress levels and their financial wellness.
Your HR team can help your employees prevent the circumstances that lead to higher stress levels by offering a financial wellness program. Unfortunately, employees may not have the financial education they need to make good decisions about their money. But, HR teams can run financial wellness programs to help. In addition, employers often offer financial coaching to help employees learn ways to manage personal finances more effectively.
A financial wellness program improves employees’ financial literacy by teaching them how to budget, save, and invest. These programs can also help employees manage debt and create payment plans for things like student loans. Your HR team can reach out to your organizations’ financial institution or EAP to see what employee financial education courses they offer. There are also plenty of free online tools and resources like budget calculators that HR can share with employees.
Financial stress, like any kind of stress, is detrimental to employees’ mental health. However, economic hardship alone doesn’t impact job performance; it’s the resulting stress that is most harmful. Mental health programs for the workplace can teach employees how to manage their stress more effectively. Consider introducing a well-being program that gives team members the tools and skills they need to keep stress at bay.
How well employees manage life’s challenges can have huge implications on your organization. If you’re interested in learning more about how employees’ well-being shows up in the workplace, check out Pathways at Work’s latest report on employee mental health.