Money worries can affect performance and productivity at work.
As an employer, it’s beneficial to offer assistance to employees who may be struggling.
This guide provides useful information about services for employers and employee assistance programs (EAP).
Did you know that the average Canadian adult spends two hours a day worrying about money?
If you’re stressed out and all you can think about is paying bills and how you’re going to keep a roof over your head, you may find it difficult to focus at work.
Employees who are experiencing financial difficulties may be less efficient and their situation may cause them to lose interest and motivation, as well as having a negative impact on their mental wellbeing and their relationships with others.
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Advice for employers
As an employer, you want to get the best out of your team and ensure your workforce is as healthy and happy as possible.
It can be very tricky to spot warning signs if you have employees that are struggling financially.
Many people hide their problems and they are embarrassed to ask for help or share thoughts or worries.
One of the most effective things employers can do is to undertake training to help them identify problems and address issues brought forward by employees.
It’s also a good idea to point employees in the direction of services and programs that are designed to provide assistance.
What are employee assistance programs?
Employee assistance programs (known as EAPs) are in place to offer information and support for employees experiencing difficulties, for example, financial troubles.
If an employee needs help, they can be referred to an advisor or a bankruptcy trustee through the EAP.
It’s also possible to benefit from services like credit counselling.
Credit counselling services provide multiple benefits, including teaching individuals to budget and manage their money, reducing debts by negotiating better interest rates and putting a stop to calls and demands from creditors.
Employee assistance programs are mutually beneficial for employers and employees.
Employees have access to the help and support they need to get back on track financially, and company bosses and team leaders benefit from having healthy, motivated staff who aren’t worried or stressed about money anymore.
A recent survey underlined the importance and value of programs for employees, with 30% of participants in Mercer Canada’s poll suggesting that EAPs are a major factor in deciding which employer to work for.
Financial wellness is a growing concern for employees, and many are worried about getting into debt or getting out of debt once they start to fall behind with payments or resort to borrowing or using credit cards.
Employers can make a difference by facilitating access to education and training and implementing employee assistance programs.
Employers want the best for their employees.
Money troubles can have a devastating impact on mental wellbeing and performance at work.
Employers can help their workforce through targeted services and employee assistance programs.
If you have any questions about debt, or you’re anxious about your financial situation, there is support available.
Call us now to chat to our friendly advisors.
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