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The productivity losses and costs associated with employees’ financial stresses are reaching levels where a business case can be made for companies to help workers manage their finances.
The solution to this challenge is more than just education. Financial education efforts need to be coupled with products and services that encourage behavior change and can improve consumer financial health outcomes. The aim is to provide employees with knowledge and access to financial products, which help them “get out of debt, spend, save, and plan.”
Once a company has acknowledged the significance of employee financial health and has buy-in from across the business, it’s important to understand the specific needs of its employees by talking to them about their challenges. There is no one-size-fits-all approach to financial health.
There’s plenty of workplace programs, products, apps and services available today, which companies can adopt to help employees get out of debt, save for emergencies, as well as plan for long-term needs. A common misconception is that financial health is synonymous with income level. Income alone does not say anything about regularity of income, debt burden, or planning and savings habits.
One of the benefits of offering a Corporate Debt Counselling program is to show employees that the organisation does care about their staff members, which improves morale and boosts motivation. The stress that individuals face when in debts results in low self-confidence and productivity.
Organisations can make it a lifetime responsibility to protect themselves, as well as their employees against this problem by:
If your organization needs to help its employees get out of debt and set themselves and their people up for long-term success call Debt Sage today or send us an email at firstname.lastname@example.org.