Healthy business in times of inflation: help your employees in times of crisis
The number of Dutch people with financial worries is increasing due to the energy crisis and inflation. This also affects you as an employer. How do you deal with it? Schulhulpverlener Walid Somers explains that there are all kinds of ways to support your staff.
Due to the energy crisis and rising inflation, the number of people in debt is increasing, according to research by ABN Amro. Budget institute Nibud and debt counseling association NVVK expect that low-middle-income households will soon be in trouble as well .
"Fears of a huge increase in working people with financial worries are proving justified," says Walid Somers, head of Grip Debt Assistance (Grip, part of Zorg van de Zaak). He and his team help employees get a better overview of their finances. They do this on behalf of employers. "It's enormously busy at the moment," Somers says. "Many employers and HR managers are only now realizing that financial worries are really becoming a problem. That's why they are now investing in employee education and help with money problems."
Risks for employers
It is wise to take the issue seriously as an employer, says Somers. "After all, employee debt problems can have unpleasant consequences for your company. Think absenteeism, reduced work productivity and, in serious cases, even fraud and wage garnishment costs."
So it is important to recognize problems as soon as possible, Somers stressed. "The special thing about the current situation is that this crisis is not only affecting low-wage employees. People with higher wages and even dual earners are also getting into trouble."
Taboo on talking about financial worries
What can you do? As a business owner, you probably have little knowledge of debt relief. In addition, money problems are still a taboo subject. Employees prefer not to talk about financial worries, let alone with their employer.
"Many employers and HR managers tell their staff that they can report to us anonymously," says Somers. "Often we can help employees without their employer being involved."
He also advises making the subject discussable within your organization. "Explain to your employees that it is an expensive time for everyone and that they should not be ashamed. After all, this crisis affects a lot of people."
From Christmas to winter package
How do you show your commitment as an employer? "For example, bring forward the Christmas package. Make it a winter package with, for example, storage containers, a fleece blanket, a budget cookbook. This shows that you are involved and that it is okay to ask for help."
Furthermore, it helps to name the topic during meetings. You can also make it a topic during informal conversations. "The so-called FiT conversation is also a good opportunity," says Somers. FiT stands for "Functioning in the Future. It is an open conversation about all topics that affect job performance and job satisfaction. So that can also include money worries. Read more about the FiT conversation here.
Recognize problems
An alert employer or HR manager can learn to recognize money problems so he can discuss them with his staff in time. A few signs:
- An employee often calls in sick just before his salary arrives because he has no money to fill up with gas or recharge his public transportation card;
- An employee is tired, cranky or more easily irritable because he is under a lot of stress.
- An employee is less productive because he worries about money.
If you think someone has financial concerns, initiate a conversation. Refer to help, such as a budget coach or debt counseling.
Help employees get through the winter
Help with money worries is customized, Somers says. But with this inflation affecting so many people, as a good employer, you can also come up with ways to support all employees. "For example, hold your allowances up to the light," he says. "Maybe your travel allowance could go up a bit. Another thing that can help is to offer a nutritious meal on break."
Somers especially hopes the government will act quickly. "After all, rising costs are also a problem for SME entrepreneurs," he says. "I speak to many employers who want to offer more salary, but cannot. It would save a lot if the government would lower the payroll tax, for example."
Want to know more? Grip (part of Zorg van de Zaak) has special workshops for executives where you'll learn all about the legal concepts and procedures involved in debt relief.
