The personal finances of your employees are none of your concern. As long as you give them their salary on time, and they receive attractive benefits, you already did your part. However, there’s a possibility that you end up with employees who are irresponsible in handling their finances, and it will affect their performance at work. Therefore, it’s crucial for you to also teach them how to be responsible in handling their money.
Ensure a positive relationship among employees
When one of your employees is in
a financially terrible shape, the first option might be to borrow money from
the colleagues. If that person could repay
the debt on time, it’s not a big deal. However, if not, it could strain the
relationship and affect how they work with each other. It’s also possible that
the employee will borrow money from several other workmates. You don’t want to
tolerate this environment at work.
Avoid the possibility of theft
Some employees who are deep into
their financial trouble could end up doing terrible things to save themselves.
They might steal from the company to sustain their financial needs. Since you
trust them, you might not notice that they’re already doing these unthinkable
acts. You can’t predict what people are willing to do when they’re desperate.
Adverse effects on your
Apart from the possibility
of theft, your company could also end up on the losing end because of how
others would perceive you. They might think that you’re not paying your
employees well and they end up in a terrible financial shape. It’s even worse
when your company is in the finance or banking industry.
Open seminars and workshops
It might help if you host
seminars and workshops where you invite experts to come over and talk
about financial responsibility. These employees might need someone else to
teach them the right way. They’re smart, but when it comes to financial
transactions, they make terrible choices. Others also have no idea how to start
investing their money the right way. Therefore, topics related to financial
matters would help them drastically. You can open this workshop to all your
employees so that you can say that you did your part in helping out.
Be aware of what’s going on
You need to talk to your
employees and ask them if they have
financial problems. You can also ask around if there are employees who have
deep money troubles. You don’t necessarily have to lend them money, but you can
at least keep an eye on them. Make sure that they don’t make terrible decisions
because of their current woes.
The way your employees handle
those finances is beyond your control, but you need to show your concern and
try your best to help out before it’s too late.
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