The pandemic has left many of us concerned about our financial security.1 During such a tumultuous time, it’s crucial for employers to reassure their employees and offer as much stability as they’re able - and for many employees, financial security is the stability they’re seeking.
If you’re looking for initiatives that will increase the well-being and financial security of your employees, consider these four meaningful strategies.
1. Implement a Financial Wellness Program
Many companies are now offering financial wellness programs.2 These are programs designed to better equip employees with financial skills and resources. They serve to lessen financial anxiety and increase security, especially with personal finance being a leading source of stress for employees.3
Such a program could include lectures from guest speakers or educational resources such as videos or budgeting spreadsheets. The primary goal is to provide your employees with programs that not only empower them to take control of their finances but offer them the resources and information necessary to do so.
2. Make Connections With Financial Professionals or Institutions
Besides encouraging personal financial literacy with a wellness program, there’s another way you can improve financial wellness: partnering with financial professionals to offer professional planning services to your employees. Connecting with financial professionals and institutions to assist your employees with financial planning is a great way to help them get their finances on track.
3. Matching Contributions
If you aren’t already utilizing matching or had to get rid of it due to COVID, consider implementing it. As a refresher, contribution matching means that you, as the employer, contribute a certain amount to your employee’s savings plans, contingent on how much they contribute annually. This is typically determined by a percentage.
This not only directly benefits your employees financially, but it encourages them to participate in the program, subsequently improving their saving habits and bettering their financial security. Don’t underestimate the power such a program has on the well-being and financial confidence of your employees.
4. Updated Healthcare Coverage
Particularly with increasing health concerns, there are different kinds of healthcare benefits you should look into supplying for your employees that may be left uncovered through standard health insurance.
Critical Illness Insurance
Critical illness insurance offers financial coverage for catastrophic health events such as heart attack, stroke or even severe COVID-related ailments. Sudden events such as these are often uncovered by health insurance and, as a result, can pose significant financial burdens.3
Financial stress is a concern for the majority of working Canadians, and your employees are no exception. Working to improve the financial security of your employees both helps them financially and decreases their stress levels, allowing them to live and work more productively.
This content is developed from sources believed to be providing accurate information. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.