Ways to Support Employees to Achieve Financial Stability
Every employer understands that a financially stable and happy employee will work more efficiently as compared to employees who are financially stressed. The employees won’t be able to give their 100% attention if they have financial troubles, and might also think of leaving their jobs for better salaries. The employers can support their employees by helping them stay financially stable by offering them pension plans and other employee benefits.
1) Money management advice: The employers can arrange money management sessions for their employees where they can learn how to save money, invest it using simple solutions. The employees can also go for debt counseling and debt consolidation if required. The companies can use people from their own company to train others or can hire a professional to visit them for various sessions. There are many websites also that can guide the employees in various investment plans like Forex trading, CFD and cryptocurrency trading etc.
2) Employee Discounts: Many employers offer various discounts to their employees. These discounts can be on gym memberships, travel, and tourism or even some retail discounts on various retail outlets based on the business and companies. The employees can save a significant amount using these discounts that they get apart from their salary. Many employers also offer food coupons and other facilities that the employees can use to save money. They can also make use of Gym and other facilities on the company campus that can help them stay fit physically and mentally.
3) Pension Plan: Not everyone is very keen to save for their retirement from the early days. As an employer, you can encourage your employees to start investing in the monthly pension plans where you can also contribute a specific amount. Many employers choose to contribute a higher amount than their employees in order to retain their employees for a longer duration.
4) Loans and saving schemes: Studies show that many employees do not save regularly as either they are not aware of the schemes and their benefits or they find it complicated to do so. If as an employer you provide them with a way to save their earnings, it can help them stay financially stable and also continue working with the company for a longer duration. The employees can also offer the employees with emergency loans, educational or other loans with lesser interest rates as compared to the commercial lenders or payday loans.