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  • Corporate Solutions

    Corporate Solutions

    Helping your employees get rid of the burden of debt.

  • Corporate Solutions

    Corporate Solutions

    Helping your employees get rid of the burden of debt.

Debt Solutions For Your Employees

Is employee productivity in your workplace being impacted by personal financial distress?


The productivity losses and costs linked to employees' financial stress have escalated to the point where it makes business sense for companies to implement debt solutions in the workplace.

Debt Sage helps organizations implement debt solutions that can help alleviate financial stress among employees and improve overall workplace productivity and well-being.

Here are some potential debt solutions for your employees:

  1. Financial Literacy and Counseling: We offer workshops, seminars, or one-on-one counseling sessions to educate employees about managing debt, budgeting, and improving financial habits.

  2. Employee Assistance Programs (EAPs): Include debt counseling services as part of your EAP benefits to support employees facing financial difficulties.

  3. Debt Management Tools: Provide access to online tools or apps that assist employees in tracking their debt, setting financial goals, and managing their finances more effectively.

If you are still not sure, try listening to what your employees are talking about around tea and lunch breaks.

The following types of stories are a sign that financial stressors are affecting your employees and in turn your business:

  • changes in family income
  • the need to support a parent, child, or another person
  • unscrupulous or fraudulent schemes
  • birth of a child
  • death of a spouse
  • illness and disability
  • accidents
  • major unexpected bills
  • divorce and lawsuits
  • debt and debt recovery agents
  • creditor calls and collection agents

crafting a plan to enhance the financial well-being of your employees

Improving employee financial well-being involves more than just teaching financial literacy. It requires combining financial education efforts with practical products and services that promote behavioral change and lead to better financial outcomes. The goal is to equip employees with both knowledge and access to financial tools that facilitate debt reduction, responsible spending, saving, and long-term planning.

Once a company recognizes the importance of employee financial health and gains support from all departments, it's crucial to assess the specific needs of its workforce by engaging in conversations with employees about their financial challenges. There is no universal solution for addressing financial health issues, as individual circumstances vary.

Numerous workplace programs, products, apps, and services are available for companies to adopt to assist employees in managing debt, saving for emergencies, and planning for the future.  A common misconception is that financial health is synonymous with income level. Income alone does not say anything about the regularity of income, debt burden, or planning and savings habits.                                                                       

What are the benefits of debt counselling to employees and employers?

Debt counseling can offer several benefits for both employees and employers:

Benefits for Employees:

  1. Financial Literacy: Debt counseling provides employees with valuable knowledge and skills to manage their finances effectively, including budgeting, debt repayment strategies, and savings techniques.

  2. Debt Reduction: Counselors work with employees to develop personalized debt repayment plans, negotiate with creditors, and explore debt consolidation options, helping them regain control over their finances and reduce debt burdens.

  3. Stress Reduction: By addressing financial challenges and developing actionable plans to tackle debt, employees experience reduced stress levels and improved overall well-being, leading to better job performance and job satisfaction.

  4. Improved Financial Habits: Debt counseling encourages employees to develop healthy financial habits and behaviors, such as budgeting, saving, and responsible spending, which can have long-term positive effects on their financial stability.

  5. Increased Financial Confidence: Through counseling sessions and support, employees gain confidence in managing their finances, making informed financial decisions, and planning for their future financial goals.

Benefits for Employers:

  1. Enhanced Productivity: Employees experiencing financial stress often struggle to focus on work, decreasing productivity and performance. Debt counseling helps alleviate financial worries, allowing employees to concentrate better on their job responsibilities.

  2. Reduced Absenteeism: Financially stressed employees may take more frequent absences due to health-related issues or personal financial matters. By providing debt counseling, employers can help employees address financial challenges proactively, reducing absenteeism rates.

  3. Employee Retention: Offering debt counseling as part of employee benefits demonstrates a commitment to supporting employees' financial well-being. This can increase employee loyalty, satisfaction, and retention rates, as employees feel valued and supported by their employer.

  4. Cost Savings: Addressing employees' financial challenges through debt counseling can lead to cost savings for employers. Reduced absenteeism, turnover, and healthcare expenses associated with stress-related illnesses contribute to overall cost savings for the organization.

  5. Positive Workplace Culture: Promoting financial wellness initiatives, such as debt counseling, fosters a positive workplace culture that prioritizes employee well-being and supports a healthy work-life balance.

Overall, debt counseling can be a valuable resource for employees and employers, contributing to improved financial health, job performance, and organizational success.

Summary of Benefits of Debt Counselling for Employees and Employers

For Employees For Employers

 Stops collection calls at workplace

Help reduce employee absenteeism 

Improved well being due to less financial distress

Increased employee engagement/morale
Improves money habits 

Improves productivity as employees do not take time during working hours to deal with debt

Improves cash flow to meet all household expenses Alleviates demand for payday advances

 

what are the 7 Steps to an effective financial health strategy FOR YOUR EMPLOYEES?

Here are seven steps to craft an effective financial health strategy for your employees:

  1. Recognize the opportunity to enhance employee financial well-being.
  2. Align your company's support towards improving employee financial health.
  3. Engage in conversations with your employees to understand their financial needs.
  4. Identify and implement suitable solutions to address these needs.
  5. Encourage employee engagement with financial health initiatives.
  6. Measure the success of your strategy in improving employee financial well-being.
  7. Commit to continuous improvement by refining and adapting your approach over time

Ready To Get Your Finances Back On Track?

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 INTERESTED IN debt solutions for your employees?

Please get in touch for a presentation on how we can help your employees.

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