How Can Employers Help Financially Struggling Employees Right Now
Many employees are having a hard time catching up with utility bills and other expenses. Others even lost their jobs due to business closures. If you didn’t retrench most of your employees, you’re doing the right thing. However, they still have to deal with financial issues, and you can lend a hand.
Offer loans
You can setup a loan program that allows your employees to borrow money from the company. If you set aside enough funds for the rainy days, you can use some of them for these loans. Lower the interest rates and make it easier for them to repay. They’re the reason why the company continues to operate. Giving them loans is the least you can do. Besides, they will pay the amount in due time.
Pay internet bills
If your employees are currently working from home, you can help by paying their internet bills. They’re using the internet to work anyway. Besides, the company is saving money since they work from home. Your company has significantly reduced the electric and internet bills. Use that amount to help struggling employees.
Give a hazard pay
Some jobs offer a hazard pay. It’s an amount given to employees who have to travel to distant locations or have to place themselves in danger to do the job. Working in an office during this pandemic can also be considered a hazard. If you require some employees to go to the office, it’s a risk. You have to pay their due. They placed themselves on the line to keep the business running. You owe it to them to at least get paid for their work. It doesn’t have to be a huge amount, but it can be fair enough.
Give extra tasks
If you have other projects and some of your employees are capable of doing them, allow them to take the job. They can earn a bit more in doing so. You’re also going to save money. Instead of outsourcing the service, you can let current employees do the tasks. They will appreciate your effort to help.
Pay wages on time or earlier
Some companies have delayed release of wages due to unforeseen factors. It’s even worse these days due to the decrease in income. You can help by paying the salary on time. Your employees need that amount and most of them live from paycheck to paycheck. They will appreciate the effort to distribute the amount without delays. If you can release it a few days earlier, it’s even better. It might require your payroll department to work harder, but it’s justifiable. It’s even easier if you have a small business with only a few employees. There’s no reason for the delay.
Hopefully, you can understand their situation better, and try to help whenever possible. Your employees are working hard and they deserve to be treated well.
Photo Attribution:
1st and featured image from https://www.brinknews.com/wp-content/uploads/2020/10/shutterstock_776498920.jpg
2nd image from https://www.femalenetwork.com/work-money/types-of-loans-employees-a1609-20171015
