Some of us are employers. Most of us are employees. We’re all in this together.
Today, it’s not just employees struggling with personal financial wellness. Many of their employers are fighting to stay in business, struggling to maintain the financial well-being of the organization. With limited resources, employers are trying to find ways to retain (and afford to pay) their employees while also paying the bills. Businesses are suffering from significantly reduced cash flow, and no leader wants to choose between paying their people and paying the bills.
We’re all in this together. This is a two way street. Employers want to support their employees. Employees also need to help their employers. If we work together as unified teams, we will all emerge from this storm intact. Stronger. Prepared to tackle future challenges.
Employers: how can you continue to support your employees while battling to stay afloat?
- Educate your employees on the benefits you currently offer and encourage them to take advantage of all available resources. This could include financial or mental health counseling, employee assistance programs, financial wellness services, government programs and funding assistance, etc. We have a wealth of information and guidance available in our COVID-19 Resource Center – share this link with your organization.
- Provide consistent, transparent updates on the state of your business, even if it isn’t pretty. Enlist the ideas of your employees as to how the company can cut back expenses; they may have great suggestions you hadn’t considered. Every employee can examine their role and their department and look for ways to help manage or scale back expenses. Foster a sense of teamwork.
- Ask for help. Don’t be afraid or ashamed to apply for any and all funding assistance available to your organization. Reducing expenses alone may not be enough to facilitate payroll and organizational expenses. If resources exist, use them. Review these options available through the SBA and see what your business may qualify for.
- Be an inspiration and lead your organization down the right path. Encourage your employees to follow social distancing, stay home and stay well. Provide them with the means to successfully navigate their new remote work environment so they can continue to support your organization.
Employees: How can you support your employer while attempting to maintain your own well-being?
- Use your employee benefits to recover and regain your health. Use your health wellness benefits to return to healthy routines of eating and exercise. By maintaining your health, you will help your employer by being present, focused and performing at your highest capacity. Look for ways to be productive while working from home and strive for quality. Every effort helps.
- If your company offers a financial wellness benefit, use it to learn how to prepare for today, tomorrow and eventually the future. If another financial crisis happens, whether personal or global, preparation is the best protection. The more you can do to improve your financial situation and well-being now, you’ll be better positioned to weather future storms. Not only will you improve your quality of life by reducing anxiety caused by financial stress, you’ll be able to support yourself and your loved ones by having a solid foundation and financial plan.
- Stay healthy! Practice social distancing and stay home. Contribute to the greater good by following mandates and listening to the recommendations of professionals.
- Be mindful of how you interact and communicate with co-workers. It may be a little different now that you’re no longer face to face. Make it a point to keep team members and stakeholders in the loop on projects. If communicating more via text, chat or email, review your messaging for accuracy, clarity and conciseness before sending. Conscientious communication will help everyone work more efficiently and effectively.
We’re still all in this together