When employees are experiencing financial difficulties at home. They can hardly focus and be productive at work.
Gone are the days when companies provided employees with lifetime jobs followed by pensions that paid retirees a predictable and comfortable monthly check.
Unless you’re a civil servant working with the government, it’s now customary to juggle between free-lance gigs with no benefits or retirement plans and short-term sort of unstable full employment.
But even with that, for a healthy financial life and mental wellness, we need to save some money and there are ways you as an employer can help your employees save more.
Here are 6 easy ways that employers can make a difference:
With Koa’s existence, it’s very easy for you as an employer to send them our blog articles, they cover almost all aspects of personal finance and the essentials of saving money. Knowledge is a powerful tool in anyone’s money-saving endeavors and more and more employers are focusing on education as a way to assist their employees.
You could also sign up your employees for financial wellness programs so they’re taken through each aspect of their finances by experts. This will empower your employees to better manage their finances.
You can do this by partnering with third-party companies that offer discounts at a range of stores. This helps them save on products they really need.
Liaising with such companies will give them options of buying items in bulk, and with the Kenyan economy, you know how essential this is, you end up saving so much.
Didn’t know about Workpay? Well, let us plug you. Work pay is an HR, Payroll, and Benefits Platform for the most progressive organizations - like yours. It’s basically your single source of truth for core HR tools that tailor teams for nothing but growth.
One benefit of automating savings for your employees is if they don’t have to think much about whether or not to save, they’ll find it easy to do so. When employees know that at the end of every month, part of their income automatically goes into a savings account, they’ll be more likely to use the net income wisely while at the same time strengthening their finances.
It’s easier to be inclined to save money when there’s motivation to do so. What I’m I working for? Why should I save money? When should I accomplish my financial goals and how?
By asking such questions, we’re much able to strive to achieve those set targets. Consider helping them to set SMART goals (goals that are Specific, Measurable, Achievable, Realistic, and Timely).
We can agree that transportation and housing are the two major factors that affect most people’s budgets. Well, working from home might have assisted with that but there are jobs that require employees to physically show up at work. While there is little you as an employer can do to influence where an employee chooses to live, you can incentivize your employees to use public transportation to commute to, as opposed to driving their own vehicle.
You can do this by covering their transportation to work costs. Not only will this help with their finances but will also increase motivation to come to work.
These are just but a few ways you as an employer can come through for your employees and help them save. They always say, no employer will pay you enough to be his neighbor, but as a good employer, you can always do the little things to help them cover their financial future and protect themselves from poverty