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What Employee Benefits are Most Important During a Recession?

In a good economy, keeping employees happy with benefits is often no problem at all. But what about when there’s a downturn, and staff members are struggling financially? It becomes more difficult to offer employees benefits that can create stability, but it’s not impossible. One of the easiest ways to keep employees happy is by offering employee wellness program benefits.

As one of today’s leading workplace financial wellness companies, the team from Mentoro  offers a host of advantages for employers and employees. Here are a few facts about financial wellness programs, as well as some other benefits to offer employees during a recession.

A Corporate Wellness Program Can Provide:

  • Savings tips
  • Advice for changing personal attitudes and behaviors toward spending and saving
  • Financial goal-setting solutions
  • Advice for managing financial crises
  • Budgeting tips
  • Tips for building credit
  • Advice for reducing debt
  • Insight for understanding student loans
  • Tips for managing student loan debt

In addition to implementing an employee wellness program benefit, you can also offer additional incentives like:

  • Short-Term Employee Loans: If you have team members that are struggling to meet their daily financial obligations, offering them short-term loans that they can pay back at their leisure will help reduce stress and make it easier for them to focus on their work.
  • Mental-Health Benefits: It’s no secret that a happy employee is a productive one, so why not consider offering additional mental-health benefits? Everyday stress can certainly be compounded during an economic downturn, but access to additional mental-health care can certainly make things easier for employees.
  • Savings Matching: Another great employee benefit that can be especially helpful during a recession is matching your employees’ savings with employee savings accounts tied to payroll.
  • Student-Loan Repayment Matching: Another financial incentive, many businesses have found that their employees truly appreciate assistance with paying back their student loans. Nowadays, student loan payments can be quite a burden, but helping your team members with a bit of financial assistance will really pay off.
  • Wellness Apps: Staying healthy and positive is often easier said than done, but there are a number of apps out there that help employees change their health and lifestyle for the better, like WebMD, Castlight, and Virgin Pulse.

Contact Mentoro for more about employee wellness program benefits!

If you’re considering implementing an employee financial wellness program, Mentoro would love to tell you more about our success stories. For more information, contact us online today or call 1 (844) 324-2411.

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