Financial Wellness after Coronavirus

There is little doubt the coronavirus pandemic has taken its toll on America over the past year, and in numerous ways. Aside from the obvious loss of life, jobs, and resources, the stress experienced by our population has been profound, particularly in the areas of personal finance.

Salary Finance, a financial wellness organization, administered a survey showing that 42% of Americans are “financially stressed,” while 49% say that getting better at saving money is one of their top priorities. A whopping 67% don’t have enough money set aside for emergencies.

While the economy is certainly improving as we recover from the pandemic, millions are still out of work, many are working in underpaying jobs, and of the estimated 4.6 million women who lost or left their jobs during the crisis, more than half have chosen not to return to work because they are the primary caregiver for their children; coming back to their job is too problematic at this time.

There is a remedy that employers can provide for their overwrought workers: having a financial wellness plan. First, make sure you understand the needs of your employees. An internal survey would be a good way to determine the most pressing issues your workers face and their preferences in overcoming some of life’s obstacles.

Secondly, develop some clear and concise goals of a financial wellness program, especially taking into account your workplace culture and alignment with your organizational strategy. Start by helping those with the greatest need and build a more wide-ranging program from there.

Third, communicate early and often through various methods to ensure the message on how you’re helping the staff is heard and understood. This will help ensure a high level of engagement and awareness. Try to learn which communication styles employees prefer and will embrace.

Finally, put some metrics in place for each benefit to ensure that your program is working for your staff. Be sure to focus on employee satisfaction and retention to best maximize your results. Employers Council can help; give us a call.