How much do you know about your employees' financial security?
Have you ever noticed an employee becoming more distracted and less productive at work? Have you only found out that they have a problem once they have been off work with stress, or a serious error was made in their work?
One of the biggest issues affecting people across the country right now is personal debt. Making ends meet during this drawn out financial down turn can be difficult for people from all walks of life and this is something which may be affecting your employees.
The figures surrounding the UK’s personal debt problems are staggering, every 12 minutes a UK home is repossessed and just over every 4 minutes someone is declared insolvent or bankrupt. This is hardly surprising when recent figures show that the average UK adult owes over £29,800 (more than 125% of average earnings).
So if your employees may not voice their financial concerns to you directly, how can you help them regain financial stability?
The government was last year urged to introduce legislation to force employers to offer personal financial education programmes to their staff, alongside tax breaks and grants for companies that introduce workplace training. If such legislative changes were to be brought about, many businesses would have to get smart about helping staff to identify when they have a debt problem and what they can do about it when they do.
Now may be the time to consider your business’ approach to educating and supporting employees who are finding it difficult to cope with the mounting financial pressure being experienced up and down the country. Are there people within your business who need help managing their finances and if so, what are you able to do about it? If not simply as a matter of having your employees’ best interests at heart – this is a question which new legislation may soon require you to ask yourself.
EMCAS are a local Devon based company which offers support with debt problems and provides bespoke solutions for those who are struggling financially. They urge local businesses to take a proactive approach where employees’ financial wellbeing is concerned.
For more information on how you can offer practical, confidential support to your employees regarding finance and debt call EMCAS or visit their website for more information.
Phone: 01803 697550 Email: debtsolutions@emcas.co.uk Web: www.emcasdebtsolutions.co.uk