Employer Communication Can Help ‘Bail Out’ Employees

No one is immune to the effects of the ongoing national financial crisis. More and more workers are looking to their employers for help. Here’s what you can do to make sure they know where to get it.

Employees with financial problems can become your problem. Money woes are at the top of everyone’s list of stressors, and the effects on the workplace are increasingly evident.

Productivity drops as employees are distracted by their difficulties or take time during the work day to deal with them. Many are finding it necessary to take on second jobs, which make them tired and less focused. Turnover can increase as some workers look for higher-paying employment.

Health problems, especially those that are stress-related, result in lost work time and increased health care costs. High blood pressure, weight gain, headaches, gastrointestinal ailments and insomnia are common among those dealing with financial concerns.

Providing help can impact both your organization’s bottom line and that of your employees.

Pay special attention to promoting your EAP. Calls to Employee Assistance Programs (EAPs) are up dramatically. But there are still many employees who may not know about your EAP or may be unsure about using it. If you offer the service, now is the time to really draw attention to it. Distribute EAP brochures, hang posters, prepare paycheck stuffers, create newsletter articles, send e-mails and use other channels to get the word out.

Make sure employees know what the EAP offers:

Confidentiality. Those dealing with the effects of financial distress need to be assured that their concerns will remain private.

Financial help. Counselors usually can address questions about financial management, foreclosure, bankruptcy, credit and more. Spell out what your employees can expect for free and what will have fees attached. Do the same for any legal assistance that may be part of your program.

Stress management. EAPs generally provide a certain number of free counseling sessions as well as crisis intervention. Explain that stress can lead to alcohol and substance abuse, marital and family trouble, depression, anxiety and medical problems. Encourage those under stress to seek help before it takes a major toll.

Research local resources. If you do not offer an EAP, you can compile a list of community resources that employees can call upon. Consumer credit counseling services, legal aid clinics and mental health agencies are great places to start.

Tie in the services of your medical plans. Review the benefits that could apply. For example, if preventive care is fully covered, remind employees that it will cost them nothing to get a complete physical and talk to their doctor about the stress they’re under. Or, describe the process for accessing mental health benefits.

Use your providers. If you offer any form of financial benefits – retirement plans, a credit union or even preferred banking – contact those providers and ask for assistance. They may have materials you can distribute or may be willing to offer lunchtime or after hours talks on managing finances in today’s environment.

Include family members. Don’t just communicate with your employees. Involve spouses and/or other family decision makers by inviting them to programs and sending related materials to the home.

Emphasize the basics. Retirement programs are only a part of today’s uncertain economic picture. When planning your communications, remember that people need help with day-to-day matters such as budgeting and debt management, so don’t ignore the fundamentals.

Next steps:

Determine what financial assistance resources are available either in-house or in the community to help your employees. Find multiple channels to deliver the information to both employees and their families.


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