The pandemic made life difficult for us all, followed by political and financial unrest impacting us even further. The Social Safety Net is a holistic concept covering the financial, physical and mental health needs of employees.
Focusing on the overall wellbeing of your staff to improve performance and attendance, examples include:
- Employee Assistance Programmes (EAP), offering counselling, financial, debt, legal, medical and health support
- Mental health support, including mental health first aiders
- Menopause and andropause support
- Community support – charity days and contributions, sharing physical spaces or providing services
- Domestic abuse support
Many people feel embarrassed about discussing their financial problems, particularly in the workplace. That’s why it’s important to have regular one-to-ones with your employees, providing them with a safe space to be open about any issues, including finances. Once you know why their morale and performance may have dropped, sensitively delve a little further to fully understand their situation, so that you can effectively support them.
Other ways you can support financial hardship include:
- Debt Management – signposting to registered debt management charities for free advice and tailored debt management plans
- Financial Education – source third-party organisations that run free workshops for employers, which are particularly beneficial for younger workers and apprentices
- Additional Work – if you can, offer the chance of paid overtime as a short-term solution
- Wages Advance – if an employee is experiencing mounting debt, an advance could help immediate issues, but may not be sustainable in the long run
- Company Loan – an interest-free loan could be a significant benefit to struggling employees, but be sure to agree on a repayment plan
- Employee Benefits – ranging from private medical insurance to discount schemes, carry out a staff survey to find out what benefits or support they would prefer
Employee Assistance Programmes
As mentioned above, EAPs are designed to assist employees with anything work or personal-related that impacts their job performance or mental health.
Offering free, confidential assessments and referrals, there are many EAP services available. Widely considered one of the most popular benefits an employer can provide, make sure your provider is registered with the UK Employee Assistance Professionals Association as this ensures they meet specific membership criteria.
I’ve written about the benefits of EAPs before – you can read them again here.