If you are running a business one of the best ways to show your employees that you truly care about them as individuals and about their personal well-being is to show you care about their financial security and well-being. This goes well beyond paying them a reasonable salary. If you want to show your employees you truly care, you should offer them services that will help them become debt free and gain financial freedom and security in their future. Doing this will allow your employees to make major life choices such as buying a home or starting a family when they want to rather than when their debt allows them to, and in turn will provide you with loyal employees who know you care about more than the job they do.
Why You Should Help Your Employees Become Debt Free
When your employees are faced with crippling student loan debt or other serious debt problems, it affects their ability to perform at their maximum potential in your organization. A survey done by PricewaterhouseCoopers found that half of all employees surveyed said their personal financial situations were a cause of stress in their lives and one out of five employees reported their personal financial issues were distracting them while at work, and they spent up to 3 hours per week thinking about or dealing with their personal financial issues rather than being fully focused on work. Offering your employees help in becoming debt free is a great way to show them you care while also improving their lives in a manner that will alleviate the stress their debt was causing them and allow them to perform at their maximum efficiency and productivity while on the job.
Encourage Your Employees To Check Their Credit Report
The first thing every individual needs to do when trying to become debt free and manage their financial freedom and security is to check their credit reports. In fact, every individual should check their credit report at least once a year, and each of the three major credit bureaus (Experian, TransUnion, and Equifax) are required to provide you with one free copy of your credit report every year – you just have to ask for it! These reports can be requested online and will allow your employees to see what exactly is currently affecting their credit so they can be properly informed on what they need to tackle to become debt free. Encourage your employees to become debt free by providing them with the information they need to know how to request and obtain their free copy of their credit report from each of the major credit bureaus.
Offer Student Loan Debt Repayment Benefits
Student loan debt repayment benefits are relatively new employee benefit offerings that are expanding rapidly. This is because many of the largest organizations across the country have recognized the extreme need their employees have in getting help to repay their student loan debt within a reasonable time frame. By offering these types of benefits, many employers have found that they are able to better compete with other organizations to find and retain the best talent within their company.
Empower Your Employees With Debt Counseling & Education
We are not suggesting that your organization should be responsible for completely paying off your employees’ personal debts. Rather, we are suggesting that you provide the tools and resources your employees need to be personally empowered to tackle their financial issues and become debt free. Scheduling one of our Complimentary Corporate Seminars is a great way to provide your employees with the education and resources they need to effectively tackle their federal student loan debt. By providing your employees with access to a student loan debt counselor, you are showing them how much your organization cares about helping them become free from this overwhelming financial burden.