Businesses are opening back up again!
Which means that employers should consider resetting and re-evaluating.
Here are 3 ways you can boost your employees' financial security post-lockdown:
1: 401(k) matching - First and foremost, if you haven't offered a 401(k) to your employees, this could be a great step in helping their financial security. This is an opportunity for your company or small business and will add significant value to your employee benefits. For those who offer a 401(k) but don't offer a match (maybe due to the lockdown, or maybe you never have) this could be a great time to start. Not only does 401(k) matching directly benefit your employees, but it could potentially offer an incentive for employees to stay around longer.
2: Financial wellness program - Implementing a financial literacy and wellness program at your company could possibly help reduce the stress of your employees. Providing education and resources will encourage financial literacy and help boost your employees' financial security. Financial literacy is one of the best ways to be more financially secure because it helps you make the most informed decisions. Guiding your employees in the right direction on the road to financial literacy will add value to their employee benefits, and add value to your company.
3: Connecting with financial professionals - In addition to a financial wellness program, another way that you can encourage financial literacy and security within your company is by connecting with financial professionals and institutions. Inviting a tax professional, a banker, or a financial advisor to give a presentation in your office can be a solid resource for you and your employees.