Canadian HR Reporter

28 www.hrreporter.com F E A T U R E S MANY employers may be wondering why the y should e ven consider wading into a discussion about employees' finances. The truth is that many staff are struggling financially. Personal finances are the number one cause of stress for Canadians, according to the 2020 Sanofi Canada Healthcare Survey. And even those who pay their bills on time and set money aside each month have questions. So, employers that provide answers through the provi- sion of resources, education and finan- cial support develop greater employee loyalty and are rewarded with increased productivity and lower costs. Physical and emotional wellness cannot exist without financial wellness. Money worries affect the majority of workers and can cost employers in the form of presenteeism, stress-related illness, accidents on the job, increased health-care costs and theft. It's not enough to wait for employees to come to you. By the time they do, the situation is often very serious. Workers are not likely to initiate the discussion because talking about money concerns is embarrassing and they may fear reper- cussions or job loss. As well, a head-in-the-sand approach ignores an employer's duty to inquire. Under employment law, supervisors who notice negative changes in employee behaviour must determine if workplace accommodations are needed to help that employee succeed. Given that financial stress is one of the major contributors to poor emotional health, it is highly likely that a struggling worker is experiencing financial worries but is too ashamed or too private to say anything about it. Provide helpful information: Employees who find themselves in debt may feel so overwhelmed that they stop making regular payments. This can result in calls and harassment from debt collection agencies. As an employer, providing information on the rights and responsibilities around debt collec- tion for each province — including the information that workplace calls from debt collection agencies may be prohib- ited or limited — can go a long way to reducing stress and shame. Contact the Consumer Protection Office in your province and ask about the Debt Collection Act. Post this information on the company intranet or in the lunch- room or other communal space to help get the word out without identifying affected individuals. Avoid financial pressures: Ensure that your workplace is free from hidden financial pressures such as fundraising campaigns, eating out at lunch time or dress code expectations. Provide education in a variety of formats: The reality is that many Canadians have never been taught about money management. How to avoid debt, save and invest are all too often a big mystery to many workers. To compound matters, many people feel that they CANADIANS LOOKING FOR FINANCIAL ADVICE There are programs available to help managers learn to spot the signs and symptoms of mental distress, and through training, front-line supervisors can help their team members get the assistance that they need. But what can an organization do to help improve overall employee finan- cial wellness and potentially prevent the stress from occurring in the first place? This should involve a multi-lay- ered approach since all teams are diverse in their needs and stages of life. By offering a variety of options, an employer improves the chances that one or more of its actions will resonate with each individual. Setting employees up for success Here are nine ways that to set a team up for success: Offer a robust employee assis- tance program (EAP): An EAP can provide counselling for personal finan- cial matters including debt manage- ment, budgeting and the creation of a financial plan. Let staff know that the EAP provides money management assis- tance and help for everything from debt consolidation to the writing of wills. With people struggling more than ever, there are several ways — and reasons why — employers can step up to help, says Judith Mewhort of Montridge Advisory Group. These include EAPs, practical tips, matching contributions and educational programs 9 WAYS TO BOOST FINANCIAL WELLNESS As an employer, providing information on the rights and responsibilities around debt collection for each province can go a long way to reducing stress and shame. 51% Percentage dipping into emergency savings or raising credit card balances because of the pandemic 90% Percentage who feel that it is important for employers to offer financial wellness programs 75% Percentage who say an employer- sponsored financial wellness program would positively impact their financial stress 30% Percentage who claim that their employer offers a fairly or very extensive financial wellness program 80% Percentage who say that simply setting financial goals would be helpful 89% Percentage who say that projections of retirement income and expenses would motivate them to prepare Source: Manulife Investment Management E A P s

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