Businesses Impacted by Covid-19 Need to Consider This - Slimmer Payments

Businesses Impacted by Covid-19 Need to Consider This

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Human resource professionals are emphasizing how important it is that businesses impacted by Covid-19 recognize the financial hardships caused by COVID-19 on their employees.

With vaccines already going into arms nationwide, and a second round of stimulus on the way, more businesses may reopen. Businesses impacted by Covid-19 that had to reduce staff may find that they can now start to bring employees back. However, human resources and financial professionals alike say that it should not be back to “business as usual” when they reopen or rehire. Employers bringing workers back need to recognize the impact the pandemic has had on their employee’s personal finances. They should try to enact programs based on what we have learned over the past six months.

Create Financial Education Programs

One thing that businesses impacted by Covid-19 need to do right away is implement some kind of “financial education” program for employees. This will encourage them to manage money better, save more, reduce expenses, and be more prepared for another unforeseen event. Employers should also start some kind of employee savings or investment program. This will also help workers develop some kind of cushion for the next crisis.

Allow Employees to Continue Working from Home

You should encourage employees that have worked at home during the pandemic to continue to do so, even when you reopen. Employers and employees can both benefit from the additional savings that telecommuting can create. You should urge employees to put those savings into investments or emergency funds. Employers should be encouraged to use the money it saves for some additional financial benefits for their employees.

Show You Care

Financial education programs need to be tailored to an individual employee’s financial needs and demands. For example, showing that you understand the challenges faced by a single mom laid-off or forced to work from home, while at the same time having kids home from school, will go a long way. It shows that you understand the financial, mental, and emotional pain the pandemic has caused your employees.

Human resource professionals say that adapting these lessons learned during shutdowns can help employers and their workers financially. They can also build goodwill and a stronger bond between employer and employee. When a business can show its staff that the management is really looking out for their financial well-being, it creates more loyal and more productive employees. That is a win-win for everybody.

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