Do you have $500 you could access for an emergency? If you do, you’re in the minority of Americans. According to a 2017 Bankrate survey, 59 percent of us don’t have $500 to cover an emergency.
The problem is, savings or not, emergencies happen. Car accidents, broken furnaces, or an emergency room visit for a sick child. Not having the money to cover these things causes your employees stress.
A simple solution is to give everyone a raise, but considering that 59 percent of the US lacks a $500 savings account, increasing any one person’s paycheck isn’t likely to result in an increase in savings alone. (I once had to explain to a man who earned enough to be in the 1 percent, that his next check was going to be late. He asked how on earth I expected him to pay his mortgage when the check would be late. I sincerely hope he was just crabby and had enough set aside to cover one month’s mortgage payment.)
People of all income levels live paycheck to paycheck and rely on credit cards to cover unexpected bills, which then increases their monthly obligations.The trick is to get people to save, regardless of income, so that they can handle emergencies when they arise.
To keep reading, click here: Companies are Reducing Employee Stress by Doing this One Simple Thing