How to Help a Financially Struggling Employee

Financially Struggling Employee

It doesn’t feel good when you have an employee who struggles with money. It’s even worse when work is affected as a result. Some employees even have to take a second job at night to make ends meet. As a result, these employees become exhausted in the morning and couldn’t concentrate while working. If you want to put an end to this issue, these are some tips to help you deal with the problem.

Have a private conversation 

Have a private conversation

No one wants to admit having a financial problem. It’s embarrassing. Therefore, you can’t bring this issue up in front of other people. Make sure that no one is around if you discuss financial matters with certain employees. Let them know that you want to listen to them, and there’s no need to be ashamed. 

Discuss the planned solutions 

The first step isn’t to offer money right away. You have to talk to your employee to determine the planned solutions. It’s also a way of helping the person grow. If you immediately provide assistance, it might be a lost opportunity to learn something. You can also provide tips if you’ve been in the same situation before. You can agree with the solutions offered, or you can say that there are better options.

Offer employee assistance programs as an option 

If you believe that your employee is running out of options, you can offer the employee assistance program. It’s an excellent way to deal with the current financial mess without necessarily making that employee feel bad. The good thing is that this program offers a more flexible way of repaying the loans instead of getting one from banks and other financial institutions. Your employee will also appreciate your concern and effort to help.

Be empathetic 

If your company doesn’t have an employee assistance program, there’s nothing that you can do to extend help. If you want to offer your personal finances, it’s your choice. It’s not ideal, but if you feel empathetic, you can do it. The only issue is that if other employees will know about it, they might think that they can also run to you anytime if they need financial help.

In the situation, the key is to be empathetic. Lend your ears to your employees. It doesn’t even matter if you provide help in anyway. The fact that you listened and tried to help is already good enough. 

You treat your employees like family. If anyone in your family needs help, you have to be there to support. Going through a challenging financial situation isn’t easy. It can also happen to anyone. Emergency situations like health problems can change one’s financial direction overnight. You can’t blame the employee for being in such a difficult situation. 

Hopefully, this problem will soon be over. You should also constantly monitor other employees to go through the same issues. You don’t want anyone to have a hard time working because of their financial problems.

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