21 Dec Employee Finances and Stress
Our society is filled with stressed-out individuals. We are overcommitted, overwhelmed, and often just over it. Believe it or not, humans are actually equipped to deal with stress. Initially, stress can be beneficial because it allows us to avoid danger and face challenges.
But, stress becomes unhealthy when it is unrelenting, with no opportunity to recover. In these cases, stress can lead to physical problems, headaches and stomach aches, and mental health issues, such as anxiety and trouble sleeping.
Stress has a large impact on employee finances. Why? Because employees are spending all of their earnings on ways to cope with stress. Let’s be honest, not all of these coping mechanisms for stress are healthy, which compounds the stress and pressure on employee finances.
We know that if you could, you’d give your employees a million-dollar bonus, but that’s just not a reality–especially for small businesses. And for some people, too much money would only cause more financial difficulties.
As a human resources manager or business owner, discussing employee finances can be difficult. Everyone wants a raise, but frankly, that’s not the only viable solution. This is when an employee assistance program (EAP) can really help!
Did you know that at Care Plus Solutions, we offer employee finance solutions as part of our EAP?
Here are three instances in which an EAP can assist your employees with their finances, which will help to alleviate stress. For example, a less stressful employee makes for a more productive employee.
1. Develop a spending strategy
Our coaches can help your employees create a spending plan that gives them control. The plan illuminates the employees’ finances by showing how much money is coming in, what it is being spent on, and where to make trade-offs to free up some cash. It’s also the first step in meeting larger financial goals. With a spending plan in place, your employees will be able to reduce stress knowing that there is a solution to their financial woes.
2. Getting out of debt
Our coaches can help your employees develop a strategy to get out of debt. In many cases, our coaches know of available assistance plans that will help your employees become debt-free faster than if they tried to do it on their own. We know that debt can add undue stress on employees and their finances. At Care Plus Solutions, we’re here to help!
3. Home Buying Strategies
Whether your employee is looking to purchase a home for themselves or as a rental, our certified coaches are available for a consultation to give them the advice they need. Our coaches will help to guide your employees in making wise and financially responsible decisions to become property owners or landlords.
At Care Plus Solutions, we care about you and your employees. We strive to help you get the most out of our services. In addition to the above financial solutions, we also can help your employees’ finances in the following areas:
- Rebuilding Your Credit
- Tax Levy/Wage Garnishment Resolution Program
- Pre-Retirement Analysis
- 401(k) Analysis
- Home Buying Strategies
- Mortgage Counseling
- College Funding Analysis
- Income Tax Services
- Student Loan Debt
Care Plus Solutions offers our clients and their employees, at no cost, 30-minute telephonic consultations with financial coaches in our network. Financial coaches are seasoned financial professionals and licensed CPAs. Consultations are limited to one per issue.
If an employee wishes to retain their coach for additional services, he or she may elect to continue working with their coach at a reduced monthly rate. This service provides the employee with unlimited access to their financial coach, and the employee may continue on a month-to-month basis. This additional offering is convenient for issues such as budgeting and retirement, as these matters often require more assistance than the 30-minute consultation allows.
Contact us today for a quote on an EAP that will work for your company, or if you already have an EAP, be sure to direct any struggling employee our way. We’re here to help!
Care Plus Solutions is America’s first EAP and is headquartered in New York and has offices in New Jersey. Over the course of the company’s 46 year history, their brand has remained firmly rooted in the rich history of the EAP field, never losing sight of the fundamental purpose of the EAP; delivering personal and quality services to those in need. It is fair to say that Care Plus Solutions is the gold standard in the field of Employee Assistance.