As a small business owner, the financial well-being of your employees is vital to your company's success. Financial difficulties can impact employee productivity, morale, mental health and happiness, all which may affect your business operation. Luckily there are a range of resources and steps to help your employees through tough times.
First, ensure you have an environment where employees feel they can be honest about their challenges. While some people may feel shame or embarrassment about their situation, everyone is entitled to help when they need it, and many people face hardships for a variety of reasons, often beyond their control.
Here are some ways you can effectively support your team and foster a thriving workforce.
Possibly your employees are unaware of the government support available for hardship. Either promote or post internally the Government assistance that's available.
As a first step, send employees to ASB's Support Finder Tool, where answering a few questions will help connect them with government benefits and services. The tool will pull together a list of benefits an individual may be eligible for and connect them directly through to an application without having to navigate through government information or websites.
Other government supported initiatives for hardship include:
Each of these support services have their own eligibility criteria your employees would need to meet, to qualify.
There are many organisations across New Zealand that provide free budgeting advice and support, or that offer services to alleviate day-to-day costs, such as food banks. Share these resources with your employees, so they can figure out which options work best for them.
Many local communities will have organisations and resources to help people facing financial stresses. A local search of your community will help identify support close to home.
If you have a number of employees you want to help, ASB can run in-person or virtual workshops for your workplace. ASB Financial Wellbeing Workshops are free and focus on the actions people can take to build positive money habits, take the stress out of managing money day-to-day and help people feel confident about making good financial decisions.
Send an email to our friendly workshop team at FWBworkshops@asb.co.nz. They'll help you help your employee's experiencing hardship.
There are steps you can take to help your employees, many of which will help your business as well. For example, offering financial incentives at work, such as performance bonuses, profit sharing, or merit-based raises, can be a powerful motivator and give your employees the financial bump they need to alleviate financial stress. Covering certain business-related expenses, such as internet fees for remote work or paying for a portion of their cell phone bill, can directly reduce their out-of-pocket costs.
Other examples include:
As an employer, it's important to create a supportive work environment that shows you understand their challenges and are willing to assist in practical ways that will ultimately help. Peer-to-peer support and a culture of open communication can encourage employees to seek help when they need it. Mentorship programs or support groups offer an opportunity to share experiences, offer advice, and provide moral support.