Ways to help your employees who are struggling with their funds

When you consider how a study revealed that 47% of employees say that their personal problems have an impact on the way they perform at work, you can really begin to appreciate just how many of us carry significant problems on a day to day basis.

The most prominent of these problems are often those associated with our personal finances. While in the past, employees were wholly unsupported if they were facing difficulty at home, today managers take a much more active role in making sure that their workforce are properly cared for.

For a manager, dealing with an employee that’s facing personal problems can be quite a challenge, particularly if you are small business. If you are looking to find the best and most effective means of supporting your staff, then it’s time to take note of the best ways in which you can help employees struggling with their problems and funds.

Spotting a problem

As an employer, it is important that you take the care of your employees seriously and this can come in many forms; providing a safe working environment, having adequate facilities and equipment etc. This can also then require you to take action and help out even if they are facing a problem outside of the workplace.

Debts can have detrimental effects on life inside and outside of work, which is why you need to keep an eye out for the tell-tale signs that someone may be suffering financially.

These can include the following:

  • Not getting enough sleep and, as a result, coming in to work constantly tired
  • Stress can lead to poor eating habits or, alternatively, a reliance on alcohol to cope
  • Being in denial and trying to cover up the problem, which may become noticeable to those who know the employee well
  • Anxiety and paranoia
  • Anger that in certain situations can seem out of character or unwarranted
  • Depression and an inability to cope with everyday life

If you notice that someone on your team is taking less care or interest in their work, then it may be time to take action. Similarly, you may also be prompted into finding out more about the home life of an employee if their behaviour has altered and they are showing signs of the aforementioned symptoms.

How to help

While your employee may be looking towards solving their financial problems with debt consolidation through the help of payday loans or other methods, it is important that you are able to offer support by means of opening up a clear line of communication.

It is also vital that your HR staffs are trained in being able to fully assist anyone dealing specifically with issues pertaining to personal debt and finance.

Confidentiality is similarly just as important as communication as you want your employees to know that they have a safe place in which to open up about their issues.

In many cases, simply having someone to trust with their financial burdens and being able to open up about their stresses and anxieties means that they are able to take the first steps to acknowledging their problems and making a move to solve them.

If you are looking to prevent financial problems from affecting your employees, then you can be proactive by leading workshops and offering information about the subject through email or in meetings.

Essentially, showing that you care and treating your employees with respect and confidentiality can really go a long way in not only helping to avoid employees dealing with funding problems, but also other issues, too!

Ben Lobel

Delphine Hintz

Ben Lobel was the editor of SmallBusiness.co.uk from 2010 to 2018. He specialises in writing for start-up and scale-up companies in the areas of finance, marketing and HR.

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