Human Resources Issues for Senior Management
Issue link: https://digital.hrreporter.com/i/747024
CANADIAN HR STRATEGY/07 FEATURE/roundtable People don't know where to start — despite all the resources available, says Wiginton. "They're confused and intimidated by it; they hit a website and it's got 47 different options and they go, 'Ah' and they shut down because they're already uncomfortable with it and in- timidated by it." Privacy concerns may also be an issue, but then an employee assistance program (EAP) can help, says Heather Briant, senior vice-president of HR at Cineplex Entertainment in Toronto. "I don't think we should overlook the value that those EAP programs can provide and I don't know how much as employ- ers we're really emphasising the availability of them and just reminding people that they're out there." Another challenge concerns the stigma of people not want- ing to reveal their sore spots, says Buchanan. "Many (employees) were raised by parents who taught you not to... talk about your nancial concerns or problems that you're having outside of the family, it was kept very hush-hush. And so it's taking that additional step and... just being able to talk about it, knowing the resources are available." As with mental health, we're starting to see a de-stigmatiza- tion around people's nancial situation, says Wiginton. "Your nancial well-being is kind of the last stigma that's out there, so people are a little more open to maybe talking about that." But there is also the liability factor, with many employers concerned about drawing the line between education and ad- vice, he says. "That's again where… maybe it's important to have a third party providing this type of thing so that it's not the company... The company's only trying to do what they can do." There's really no track record of litigation from employees in MONEY IS THE NUMBER ONE CAUSE OF STRESS FOR THE MAJORITY OF PEOPLE. Overall ef ciency, reduced costs of absenteeism and turn- over, and improved productivity are often cited by employers when it comes to bene t programs, says Wiginton. And they can also help with marketplace competitiveness. "It's not going to hit every single person, it's not going to hit all segments, but it's one of the most common things that's go- ing to have a much stronger re ection of the company on its employees and what we're doing and what we're trying to do. And if we can marry that with 'What are the things, what are the behaviours that employees are having and doing that are im- pacting their overall effectiveness and their overall productiv- ity' — and it's good for them and it's a good thing, it's a positive thing — why not focus on that?" POTENTIAL OBSTACLES But many employees are not using the tools and resources needed to make educated decisions, says Buchanan. "Why are we not necessarily seeing those behaviour shifts? So it's really getting to the psychology, in a sense, behind that, and it's about the behaviour that's going to change those out- comes at the end of their career journey or nancial wellness."