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Here's How to Reduce Financial Stress for Employees
12 Nov 2022
Here's How to Reduce Financial Stress for Employees
12 Nov 2022

Economic uncertainty and rising prices of basic necessities are putting financial pressure on the mental health of Indonesian employees. Financial stress seems to be a very common thing experienced by everyone today, especially employees. The aspects they complain about are similar: too much debt, lack of income, the cost of raising children, and disagreements about managing finances with a partner. Basically, not everyone has a good ability to manage finances. If you are a person who is not good at managing income and expenses, it could be causing stress due to financial problems.



1. Find out what the employees are having trouble with

There is no one magic way that works best to help reduce financial stress, because every employee has different financial needs. This is where surveys can help find out what stresses employees and what benefits are most needed. Start with a survey and find the best way to support your employees.

2. Reduce the amount of expenses and make financial plans for the future

If you want a more stable financial condition, then prioritize spending on important or priority things. You could say, just buy what you need and put aside your wants first. To make income and expenses stable again, of course you need a good financial plan. In this case, for example, try to record your budget for the last few months, then start cutting back on unnecessary expenses.

3. Improve financial literacy

Realizing financial goals starts with financial literacy. Whatever the form, the training will help employees to be less anxious and stressed about money. When employees are about to face the biggest decisions in life, like buying a house and paying for a child's education, they need to understand the importance of budgets, taxes, interest rates, debt cycles, and more. In the end, literacy can increase knowledge about finance, and armed with sufficient knowledge will help employees improve financial well-being.

4. Raise awareness of mental health in the workplace

You may already be familiar with the symptoms and treatments for common ailments such as the flu, diarrhea, and more recently, COVID-19. However, are you sure employees know how to take care of their mental health? Misconceptions and stigma surrounding mental health often cause people to suffer in silence and not seek help. That's why raising awareness of mental health in the workplace is an important initiative to provide an understanding of mental health disorders and increase access to those who need help.

5. Turn the problems you face into an opportunity to be a better person

Although very difficult, financial problems can bring changes for the better. This is because in that moment, you are required to think about how to motivate yourself and get out of the existing problems. Try to take positive lessons at this time, such as learning a new skill, taking a side job, or starting your own business. You just need to focus, calm down, and think more creatively to get out of your problems.