By Chris Whitlow, Edukate
Stress plays a huge role in the productivity, focus and feelings of employees. Stressed employees can lose the ability to be present and attentive in the workplace, which is a crucial part of providing excellent customer service. Because a great deal of stress arises from financial challenges, retailers should offer financial wellness benefits that empower their employees to take control of their overall financial journey now — instead of simply planning for long-term retirement. This approach builds a culture of healthy employees who love coming to work each day and providing genuine, exceptional service to customers.
Understanding Common Retail Employee Stressors
Common stressors that impact retail employees include access to transportation, housing, childcare and emergency funds and credit. Employees in different fields nationwide solve the same problems, but retail employees must often do so on a smaller budget and, therefore, are less likely to have a reserve fund in case of emergencies. Without this reserve, employees at risk for financial stress continue a vicious cycle that leads to even more stress.
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For example, if a retail employee’s car breaks down and they don’t have an emergency fund already in place to fix the car or find alternative modes of transport, they will not be able to work that day. If they don’t go to work, they have even less money to pay their bills. And the stress cycle continues.
Alleviating Employee Stress By Getting Creative With Benefits
When an employee suffers, the entire company suffers. To alleviate employee stress, employers must get creative with their benefits. Specifically, there are four things retail employers can do to help their employees. First, retailers need to understand and improve engagement with their employees. They can do this by researching employee demographics and determining what messaging and programming will resonate with them.
Second, employers must guide employees by delivering relevant learning opportunities. These opportunities are flexible depending on the needs of employees — for example, some employees prioritize saving for retirement and others focus on paying off loans.
Third, using prior demographic research, retailers should connect employees with their benefits through methods with which they are familiar, such as the company intranet or weekly newsletter. Lastly, retailers must create a culture that encourages employees to be mindful of their financial situations and overall well-being. This change not only benefits employees, it also affects the bottom lines of employers, as employees are happy and confident in a culture that demonstrates how much they are valued and that their concerns matter.
Improving The Well-Being Of Employees
Employers have a responsibility to their employees and to the company to engage individuals in their benefits. The retail industry stands out because most employees aren’t necessarily typical white-collar workers with access to computers and unbiased financial advice. These employees face unique struggles that must be addressed not only with benefits, but also thought, care and encouragement from their employer. Financial wellness is especially important to retail employees as it helps them manage their overall well-being. Employers who make an impact in this industry are the ones listening to their employees and providing them with benefits they truly need. Retailers can’t serve their customers until they’ve helped their employees — this is where success begins.
Chris Whitlow is the Founder and CEO of Edukate, a workplace financial wellness provider with a mission to give every person access to expert financial guidance. He works with the Edukate team to solve problems that ease the financial stress most Americans experience each day. Edukate helps employers provide the best financial wellness benefits, thus helping employees manage their financial stress, increase their productivity, and live happier, healthier lives.
