Sep 8, 2023
Debt Relief: Could it be that easy?
Employers recognize the importance of addressing mental health concerns in the workplace. Many have and more will, implement employee assistance programs (EAPs) to provide support.
Yet with money and debt-related stress keeping many Canadians awake at night, the link between financial stress and poor mental health can no longer be ignored.
We must call out financial stress as the powerful and silent contributor to employees’ declining mental health in the workplace[i], and also acknowledge the implications employee financial stress creates for employers.
Financial stress prevents employees from being their best self at work and employers pay the price.
It’s time to explore preventative measures, like targeted employee benefits that can positively impact employee financial well-being and by extension, their mental health and by further extension, the business’ bottom line.
From the Future Skills Center Study[i]: Prioritizing mental health and diverse and inclusive benefits
Debt relief benefits offer a unique win-win solution for employers and employees. Their availability at a company demonstrates the organization’s genuine commitment to employee emotional and financial well-being.
By helping alleviate the financial stress that often leads to mental health challenges, employers can anticipate:
For their part, employees love this benefit for the money and time they save repaying student loan or mortgage debt. Lasting benefits for employees include:
feeling financially empowered
reduced financial anxiety
feeling supported by their employer.