Solving Money Problems

Semantics don't matter. Perception is everything. If you feel like we're in a recession, then we're in a recession. Frankly, many of your employees are feeling stretched and stressed over finances right now. You might be feeling it, too. We are well aware of inflation and how it is impacting grocery bills. Most of us have heard - and experienced firsthand - the crushing debt that comes with higher education. Many people have said the middle class is gone, and most are feeling the squeeze. 

After all, more than half of Americans say they don't earn enough money to save for retirement, according to Transamerica's 2023 report on retirement savings. Nearly eight out of 10 Americans said working well into old age will be the only way to make ends meet. In addition, layoffs dominate the headlines. Recent studies from ADP and the World Economic Forum reveal that employees want more money and are feeling uncertain about a future of work that already includes a skills gap and robots that could replace them.  

Certainly, this is a greater societal and economic problem that government must also address. But Human Resources leaders have a role to play. One way to tackle these problems is to reconsider total rewards packages and compensation. This is a tough conversation to have when employers want to do more with less, and they are looking to stay lean. But hard times demand hard conversations because that is how we arrive at solutions. 

That's why HR Exchange Network is hosting a discussion about the new ways to think about the money component of an employee package and how to customize a package around a person. This does not mean companies have to spend more than they have or that they have to simply throw more money at the problem. It could mean re-evaluating pay structures or providing flexibility over dollars. All this and more will be on the table when Debbie Millin, CEO of UpperLevel Solutions and Lucy MacCallum, Area President of Gallagher, join Patti Fletcher, CMO of Limeade, to discuss this timely topic. 

In the meantime, you can help employees by simply listening and making mental health and wellness a priority at your workplace. The stress that comes from money problems is a particularly weighty burden. After all, this is how people pay their bills and feed themselves and their families. It's about the basic necessities of life! HR Thought Leader Mofoluwaso "Fofo" Ilevbare recently shared tips on how HR can address financial wellness of employees in a must-watch video. Of course, HR Exchange Network has been providing help with stress management, tips for wellness at work, and ways to make mental health a priority. 

These hardships, which many people are facing at the same time, are an opportunity for HR leaders to build trust and shift toward a more employee-centric mindset. You told us that employee engagement is your top priority, and if you want to keep employees on your team, then you have to care about their livelihood. This aligns with your efforts at creating a kinder workplace that is driven by talent first. And we're happy to help keep you on track!

Join us for a conversation with Millennial Money Witch Jessie DaSilva and Remote-first Advocate Iwo Szapar about generations in the workplace and the fact and fiction we believe regarding Gen Z and Millennials. It's free and we want to hear your opinion, too! 

To ensure you're always the first to know about HR Exchange Network's live events, informative webinars, in-depth reports, the latest in news and trends, and so much more, sign up to be a member. It's free and it offers a chance to interact with leading HR professionals as you grow your career. 

Until next time...