Understanding employees' financial lives in order to design meaningful workplace solutions
Midway through 2024, it's time to revisit a key trend for People Teams: prioritizing holistic employee financial well-being . While a portfolio approach is ideal to accomplish this in full, focusing on near-term financial stability is crucial to increasing employee engagement, happiness, and productivity Especially at a time when 63% of employees can't afford a $500 expense and 49%? struggle to afford basic expenses.?
All it takes is one surprise event — a natural disaster, medical emergency, or loss of a partner’s income — to derail an employee’s finances. These events are unpredictable, but the consequences for employees without large safety nets are inevitable.
As the world of work continues to evolve, one thing remains certain: employees want more financial support from their employer. While People Teams are busier than ever, employees are waiting for tools to navigate their financial lives today. So, we've created a practical guide to survey employees and analyze existing data to develop a plan that offers your team the financial support they want (and need).
Quote of the Month
"Thank you so so much for this grant and your support at this time. Finances are always incredibly stressful, especially in our current economy, any unexpected expense can really set you back."
-Anonymous grantee quote from Grant Circle, Canary's employee relief solution
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[Learn] The Impact of Employee Relief After a Natural Disaster
When employees are already stressed by their finances, recovery from natural disaster can seem insurmountable. It’s never been more critical for companies to take care of their biggest asset – their people – by implementing more human-centered preparedness plans.
[Watch] Canary, powering emergency payments to employees in crisis
See how employee financial relief doesn't just make good people sense, it makes great business sense.?
[See] Canary meets at EMERGE Financial Health conference
Earlier this month, part of the Canary team (past & present) met up at the Financial Health Network's 20th anniversary event.
We don't yet have video of CEO & Founder, Rachel Schneider's session. Instead, take a peek at FinX, the immersive experience that put attendees in the shoes of financially struggling individuals.
A closer look at the increase in disaster-related grants
Over the past two months, we have been able to quickly support employees at several client companies after tornadoes and flooding in the south. This kind of financial help is critical as we stare down an above average Atlantic Hurricane season and generally more frequent, unpredictable natural disasters across the country.
We can't thank clients like Rodeo Dental, Arosa, and Tandy Leather enough for proactively supporting employees' financial stability and recovery when it's most needed. You can join the ranks of these and other like-minded companies to be there for your workers when the next disaster hits. Reach out to our team to learn more.