It’s not just employers who are feeling financial stress today. It’s every one of your employees, too. According to a January 2009 poll reported by SHRM, more employees are finding wages garnished, asking for advances on 401(k) and wages, and reporting losing their homes than any time since the early 70s. The fear of survival is real today, but we often find ourselves dealing with it alone. Smart companies will take the bull by the horns by taking these steps:
- Open up your books. Read Jack Stack’s Great Game of Business. We recommend that HR That Works users see the Webinar on Open-Book Management.
- Teach employees about the numbers. Most employees have a horrible understanding about accounting. Watch next month’s webinar: The Accounting Game.
- Finally, make sure employees get their personal financial act together by offering lunch-and-learn education. Have your benefit broker discuss all the ins and outs of 401(k) and health plans. Bring in a financial planner to help employees understand basic financial management. Have your managers watch the Dave Ramsey Organization Webinar on Financial Peace in the Workplace.
The only way we’re going to get out of this mess is by working smarter — and that means every employee needs to understand how they contribute to the company’s financial success and in turn their job security.