Solution to inflation? Beat it with RISE!
As more industries are embracing their return to office, some employees are struggling to balance the combined rising costs of basic utilities, fuel and transportation, and other necessary expenses.
Financial planner Tom McLean advises to save up as much as possible to create a strong cash cushion. As employers, you have the opportunity to make that happen by providing support that ensures financial health and stability amid the hyperfinflation we’re experiencing today.
Here are some suggestions you can share with your employees to cope with the rising costs of living:
- Update financial plan. Encourage your employees to go on a money date with their partner or family member to assure that their financial and life goals are on track. When assessing or overhauling the financial plan, it’s important to include the pandemic and inflation in the equation. From there, they can come up with a realistic approach that caters to all the needs of each family member.
- Budget like a boss. By doing this, employees can see how much they spend on necessities as well as luxuries. This will also allow them to make smarter life choices when they head back to the office. For example, simple lifestyle adjustments like what is the most efficient and effective way to go to work or should they dine out or pack their own lunch? Budgeting is the best way to reassess their spending habits and find ways to save and increase cash flow.
- Rebuild emergency fund. The pandemic highlighted the importance of having a contingency fund. Include this as a special discussion in your monthly town halls, employee wellness sessions, and even during one-on-ones. Emphasize the value of building a healthy financial safety net.
- Get reinforcement. There’s nothing wrong in asking for help especially if it’s money-related. If you feel that this is a recurring scenario for your employees, set an employee assistance program where they can comfortably unpack their work-related and even personal problems. Unsure how to do it? Partner with us and get access to personalized financial products!
Through our latest financial solution, RISE: Return-to-Office Immediate Support for Employee, you can provide 100% of support to your employees who have financial difficulties due to the increasing costs of basic necessities and transportation.
Allow us to empower your employees with RISE so they can regain their confidence to move forward with their goals. With this affordable, reliable, and convenient financial assistance, they can repay their loan for up to a 60-month period, depending on their eligibility. Learn more about the employer and employee benefits of RISE, email us at firstname.lastname@example.org or click the button below.