Canadian HR Reporter

CANADIAN HR REPORTER August 10, 2015 14 FEATURES Credit: forestpath/Shutterstock Find these suppliers and more in the HR Vendors Guide – your source for human resources vendors, suppliers, consultants and professional development from across Canada. Visit www.hrreporter.com/hr-vendors-guide HR VENDORS GUIDE HR VENDORS GUIDE Are you looking for help with recruitment? Training and development? Recognition? Information on HR professional development and post- secondary programs? COMPENSATION (416) 498-7800 ext. 1 www.resourcecorporation.com Compensation Surveys Incentive Programs Job Descriptions Job Evaluation Pay Equity Performance Appraisal Salary Administration Sales Compensation CONSULTING EAPs Financial counselling boosts EFAPs In offering service, Nova Scotia Health Authority hopes to reduce stress among employees By Marcia McDougall E veryone has money issues. For some, however, fi- nancial problems are real stress inducers, pre-occupying their thoughts and even affect- ing their physical and mental health. When employees are suffering from financial stress, their workplace productivity may be negatively impacted. In times of organizational change, particularly where jobs are at risk, financial stress can be exacerbated. Employers, however, have be- come more aware of just how stressful financial issues can be for employees since the 2008 re- cession, says Stephen Liptrap, executive vice-president at Mor- neau Shepell in Toronto. "We've seen increased demand for financial counselling as a sup- port component of employee and family assistance plans (EFAPs) in the last five years or so," he says. "Services may extend from pro- viding everyday budgeting guid- ance and debt management to helping with more complex issues like bankruptcy." Employees who are most likely to experience financial stress are, not surprisingly, those with less skilled jobs and lower incomes, according to the 2014 Statistics Canada report What's Stressing the Stressed? Main Sources of Stress Among Workers. Most had children at home and they were more likely to be members of a visible minority group and to have immigrated to Canada within the last 30 years than those who were less stressed about money. "Organizations with a large part of their workforce that meets this profile may want to give se- rious consideration to providing financial counselling, although all employees can benefit from the service," says Liptrap. Financial stress solutions Nova Scotia Health Authority (NSHA) is one organization that has added financial counselling to its EFAP lineup. "We're focused on promoting the overall health of our 24,000 employees. That goes beyond illness and injury to encompass stress reduction, including stress caused by financial concerns. e reason is clear: Employees perform better when they are less stressed," says Katrina Philo- poulos, director of organizational health at NSHA in Halifax. Employees can receive infor- mation and advice from financial experts on any of the following topics: •credit or debt management •budgeting •bankruptcy •financial aspects of separation or divorce •real estate •taxes •retirement planning •investment planning e organization offers a per- sonalized and interactive online financial planning service. Em- ployees can learn about a range of financial subjects and plug their own numbers into worksheets and calculators to gain a better understanding of their own finan- cial picture. ey can then set their own fi- nancial goals and develop a plan to achieve them. Consultations with an experi- enced network of financial pro- fessionals are available all day, free of charge, and are strictly confidential. If employees need more personalized or specific fi- nancial advice, they are provided with referral information to find a professional financial advisor, at their own expense. NSHA workers also have op- tions when it comes to accessing financial counselling services. Online resources are available via computer and mobile device, while counselling is offered by email, phone or, in large centres, in-person. "We've made it easy to access financial counselling," says Philo- poulos. "Nevertheless, we find we need to actively promote this ser- vice or employees may not realize it's available through our EFAP. It isn't one of the primary support services that automatically comes to mind when one thinks of an EFAP. at may change as more employers focus on helping to al- leviate financial stress." In the meantime, NSHA en- sures that managers, leaders and supervisors are aware financial counselling is available for em- ployees, and it highlights the ser- vice in newsletters and benefits brochures, stressing the confiden- tiality available through the EFAP. Anticipating rising stress levels Changes, both personal and pro- fessional, can prompt increased usage of financial counselling. NSHA was formed in April when nine district health authorities were amalgamated to create one unified provincial authority. "We receive aggregate data pe- riodically regarding our EFAP and noticed a spike in the number of employees seeking help in dealing with stress generally at that time and also looking for financial ad- vice," says Philopoulos. "They were understandably concerned about possible impacts of the amalgamation on them per- sonally and what it would mean for them financially." Liptrap recommends employ- ers take a proactive stance and at- tempt to head off financial stress before it becomes overwhelming. "Provide financial information to employees before they ask for it, at times when they can be ex- pected to need it," he says. "Finan- cial advice of various sorts should be shared at key turning points — on marriage, divorce, the birth of a child, the purchase of a home, prior to retirement, and so on." Adding financial counselling to a new or existing EFAP is not diffi- cult, though it does mean an extra expense for the employer. "Organizations have to bal- ance the small extra cost of the program against the potential for decreased productivity and in- creased employee absence if they do nothing," says Liptrap. "As the economy continues to have its ups and downs, helping employees to better manage financial stress may be worth the investment." Marcia McDougall is a freelance writ- er and president of InteGreat Market- ing PR Events. She can be reached at mmcdougall@integreatmarketing. com.

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