10/28/2020

An Employer's Guide to Benefits and Resources Post-COVID-19

Most employers have had a rough run at things lately due to the COVID-19 pandemic. There’s lost revenue, the need to reallocate capabilities and much less peace of mind. On top of it all, there’s the state of your workers to worry about. 

Fear not, as more comprehensive data and information have arisen regarding new benefits and resources employees may need from their companies moving forward. If you’re concerned as an employer about where to start in providing support to your workforce, take a look at the following guide to benefits and resources post-COVID-19. 

Financial Literacy Education 

Times are tough, especially for those experiencing a hit to their financial status due to COVID-19. Stimulus checks aside, nothing compares to loss of income or a decrease in salary. Therefore, allowing your employees the opportunity to learn more about financial literacy can be a huge asset when regarding benefits.

Do your research and look for a financial well-being program that fits your needs as a company. You can choose plans based on your company’s size so you, as a business owner, aren’t undertaking too much, too soon. Most financial literacy services cover subjects specific to what your employees would like to touch on. 

If budgeting is a key area your workers would like to focus on, classes can be taught with special importance put on spending versus saving. Other employees may be struggling with keeping up with certain expenditures and debt, like a mortgage or car loan. Financial well-being programs can give helpful advice on how to refinance for a lower monthly mortgage payment or the best ways to pay off debt that people may have in personal loans or credit cards. Utilizing resources for financial literacy education is a great way to give back to your employees who may be facing monetary hardships at home. 

Remote Working Opportunities

There has been a monumental shift in working conditions since the onset of the coronavirus. With people avoiding large crowds and maintaining social distancing to stop the spread, being present in an office environment and taking coffee breaks by the water cooler are now a thing of the past. Hopefully, the change isn’t permanent, but with the current threat of catching the virus still at large, there has been a stark rise in the number of remote working opportunities. 

Working from home is a way for people to ensure that they can still earn an income while keeping their health and safety a top priority during these unpredictable times. Now that employees are starting to adjust to a new normal and the frequency of remote work is steadily increasing despite obstacles like security concerns, it’s vital to provide them with the proper tools to succeed. 

Flexible Schedules

Depending on your industry, allowing employees to make their own schedules can be extremely beneficial for morale and productivity in the workplace. Dealing with personal issues is difficult enough, let alone having to balance your job with personal commitments, especially if your workers are parents.

Implementing flexible scheduling lets employees decide what their working hours will be. If they have an appointment, are simply busier at one time than another or need to take sick leave, they can make up the hours when it is better suited for them. Easing the pressure of a career for those who may be having some difficulty adjusting to changes due to coronavirus can go a long way to make your workers feel appreciated. 

Final Thoughts

As a business owner, supporting your employees is a huge responsibility. It is particularly important during unprecedented times like the COVID-19 pandemic. Financial hardships, demanding familiar obligations and social distancing requirements are all obstacles that need to be faced head-on by companies in order to lead your workforce to the best of your ability. By providing benefits like remote working opportunities or flexible schedules and dispensing resources such as financial literacy education, you will be able to help your employees better adjust and keep them feeling valued every day.

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