(Photo: Shutterstock)

The coronavirus pandemic brought on unforeseen challenges nearlyovernight, and it is evident that the impact will be long-lasting.Data shows that 74% of employees are concerned about atleast one aspect of their well-being as a result of COVID-19(financial, social, mental, physical) and a majority of them (52%) are mostconcerned with their financial health.

Financial stress is at an all-time high as layoffs and furloughsacross the nation have left many employees questioning thestability of their employment. A 2019 Stress In America study from the American PsychologicalAssociation found that 64% of adults identified work and 60%identified money as significant sources of stress, making them themost common personal stressors.  A more recent surveywould likely paint a bleaker picture.

Another alarming statistic is that 2/3 of Americans could not pass abasic financial literacy exam. For many, financial training wasnever a part of their formal education prior to entering theworkforce. When they did enter the workforce, they were forced tobalance student loan debt, living expenses, long-term financialplanning, and maintain their financial stability for the first timewith minimal knowledge or guidance.

These financial demands have led to rampant chronic economicanxiety within households across the nation that has only beenexacerbated by the effects of COVID-19.

What is keeping employees from improving their current financialsituation? Is it understanding how to manage debt? Knowledge andinformation about mortgage/auto loans? How to choose the mostbeneficial savings program or invest effectively? Accessto money management resources? All employees are on a unique, highlypersonal financial journey; offering the right resources to meetthem where they are and continuing to increase their financialhealth is key.

How can you help your employees right now?

Communicate. Inform your employees ofcurrent business objectives and forward-looking expectations.Encourage open communication about any concerns employees may havefor the well-being of themselves, their families, their colleagues,customers, or communities. Clearly communicate the escalationstructure should concerns arise and define the roles of yourleadership/management team.

Modify existing benefits. Make sureyour employees are well-informed regarding the benefits availableto them. This could include financial or mental health counseling,employee assistance programs, affordable telemedicine, HSA and FSAoptions, extended health plan coverage, paid time off and sickleave policies, etc. If possible, adjust your benefit plans toallow easier access to resources for your employees. Discuss anychanges to benefits or pay with your legal or financial advisor andreview any applicable plan documents.

Foster teamwork. Your employees areyour greatest asset. They may be willing to make sacrifices todayif it means tomorrow's survival. Ensure you have the right toolsand processes in place to keep your employees engaged and productive while they work fromhome.

Offer financial wellness support andservices. Provide your employees with financialeducation resources, online money management and budgeting tools,financial counseling and financial solutions like early wageaccess, short-term loans, and student loan services. They need yourhelp navigating these uncertain times, and they need resources tosupport them financially.

Make financial wellness a priority

Most organizations have experienced a level of transition to avirtual working environment, which demonstrates concern and supportfor their physical well-being and health. Stress levels areheightened, and the number one cause of stress is money. This iswhy employees need access to financial wellness resources now morethan ever, and that starts with employers. Employers that currentlyoffer a financial wellness program need to make sure theiremployees are aware of the resources and know how to accessthem.

By giving employees the tools and resources to cope with theircurrent financial situations and make better financial decisions,they will feel confident that their health and well-being are highon their employer's priority list. As the world continues to workits way through the COVID-19 pandemic, employers' ability andwillingness to support employees' financial health and well-beingwill prove more valuable than ever.

David Kilby is President/CEOof FinFit, a fintech company that provides over 150,000employers with a unique financial wellness benefitplatform.