5 tips on how to deal with financial concerns among employees

Do you have any idea how many of your employees have financial concerns? Do you know whether your employees have debts, and what this costs you as an employer? Getting more visibility on this means getting a better grip on it, and that's good for the entire company.

Companies lose € 13,000 per year

Curious about the numbers? 62% of companies have employees with money worries. At a time when 'happiness at work' is becoming an increasingly important theme, you can imagine that money worries are a big showstopper. Recognizing or preventing money worries among employees is important for several reasons. The consequences of debt problems for employees are significant. It affects the working atmosphere, but it also costs money directly: on average about 13,000 euros per year, the NIBUD estimated. This figure is partly due to a 20% loss in labor productivity. Employees with debts are sick more often, more easily distracted and less accurate. They are also more likely to be tempted to commit fraud.  

Signs that debt problems are a factor

Various signals can point to debt problems. Een wage garnishment is quite obvious, but many signals are also more hidden;

• (repeatedly) requesting an advance or a loan
• The request for extra hours
• Sick leave
• Do not go with team outings, dinners, etc.

Extra alertness is useful during life-changing events such as a divorce or relocation.

What can you as an employer do?

There is room for discussion about where the responsibility lies for you as an employer. In any case, it should be clear where the employer's interests lie. Here are 5 tips for employers:

1. Always talk to the employee if you suspect financial problems.

2. Lower the threshold for employees to raise their own situation. By communicating about it, for example by giving tips or sharing anonymous experiences, the subject is removed from the taboo sphere.

3. If necessary,   a confidential counselor for these kinds of problems.

4. Put the subject on the agenda for meetings.

5. Decide how you would like to help. Would you like to offer information or make a budget coach available? Offer extra flexibility in the form of extra days off, or help with referrals to external agencies?

Would you like to know more or exchange ideas about this?

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_{Source: Nibud}