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
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
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
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
1st and featured image from https://s28637.pcdn.co/wp-content/uploads/2019/02/5-Executives-Meeting-e1571415997518.jpeg
2nd image from https://moneyfit.org/blog/approaching-employees-struggling-with-debt