The COVID-19 pandemic is putting stress on employees’ mental well-being, an obvious fact to which we can all relate. The list of challenges is long, including childcare, children’s education, social isolation (Zoom helps but it’s not the same as in-person contact), cancelled parties and holiday gatherings, masks, social distancing, and other necessary cautionary measures, as well as remote work or returning to work.
Another challenge is maintaining financial well-being. Many employees have lost their jobs or had their work interrupted. Even those who are fortunate to maintain their jobs often have family members, who contributed to household income, lose their jobs. Employers can provide support to employees by offering financial planning tools.
According to Greg Wilson, head of workplace solutions at Ayco, employers can provide access to and training on budgeting and money tracking apps. “Financial tools such as digital education platforms, budgeting tools and money-tracking applications can help employees manage their income and expenses, find resources for assistance and develop long-term savings strategies as their financial situation changes.” (1)
This benefit not only helps to resolve a short-term problem but can also be part of a long-term solution to help close the wealth gap.
To support mental wellness, Mr. Wilson adds, “As behavioral health issues including anxiety, depression and substance abuse are continuing to rise, [employers] should look to develop applications that provide helpful tools to employees like stress management exercises, access to virtual counseling and telehealth visits.”
Also, employers should remember to support employees with families (https://hrnetsourcedemo.com/blog/2020/09/08/how-should-employers-support-employees-with-families-during-covid-19/)
(1) https://hrexecutive.com/why-revamping-benefits-should-be-a-priority-for-todays-new-reality/