By: Anne Loppnow Business Development Consultant | Francis Investment Counsel LLC

 

 

The fallout from the coronavirus pandemic intensifies the importance of employees’ financial well-being. While overshadowed by physical and mental health concerns, the financial stress resulting from COVID-19, market volatility, and shut-downs has left many swimming in uncertainty. 

Unfortunately, financial stress is only the beginning. The financial ramifications of the pandemic will ripple into the future. More serious struggles will manifest weeks and months from now. 

 

Maybe you have a thriving financial wellness strategy, there to help employees with all their money decisions. Or maybe that strategy initially generated interest but has since fizzled. Wherever you are at, your employees need help – right here and right now. 

 

Acknowledge the significance of the times we’re facing and plan how your will provide resources for your employees. Financial decisions made in haste out of feelings of fear or panic can dramatically impact long-term outcomes. That sounds like a serious and scary conversation in and of itself! But it doesn’t have to be – Take a look:

 

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Your employees are looking for leadership at a time when an overwhelming amount of information is available. Take advantage of their attention. Instead of the same old approach, you can communicate in ways that are current, relevant, and engaging. Here’s an example:

 

To Do: Be mindful of employees’ fears and concerns, but don’t let today’s challenges prevent you from trying something different.

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What if you used video updates from wellness champions to encourage utilization of the financial help your organization provides? You could host virtual “money tip” coffee breaks or even monthly interactive webinars on various financial topics. What you use now to connect with employees might become the new “normal.”

One More To Do

• Do we have an up-to-date understanding of what kind of financial help our employees need? Remember, don’t misinterpret silence to mean, “Everything is okay.”
• Do our employees have go-to resources for financial help? If you have resources in place, promoting these resources is key. Oftentimes employees are not fully aware of the helpful opportunities available. 
• Is the financial help employees receive general in nature or is it specific to each employee’s personal situation? General education can be a great place to start, but true change is driven by personalized action steps. Make sure your approach gives employees the chance to address their specific needs.
• Are the financial resources provided in reality a funnel for specific products or services that employees must purchase? Specific products or services may be helpful, but make sure you understand what is being offered to your employees. As an organization, you need to feel comfortable placing your endorsement on these resources.