UAP Inc. is supporting employee financial well-being during the holidays by communicating advice and tips on effective spending and saving, says Geneviève Hébert, the company’s senior director of global compensation.
“The holidays bring a lot of joy, but there’s a lot of expenses as well, and for some people, it might be stressful to overspend and later realize that you have debts or a balance on your credit card.”
This includes encouraging employees to plan ahead of time, determine the list of people they want to give gifts to and setting an amount for each one, revisiting and revising the list as necessary, she says, noting UAP is also reminding employees of the various discounts it offers through its benefits program.
Read: How employers can support employees’ mental health during the holidays
She adds some gifts may not require a dollar amount at all. “We also encourage them to look at [gifts] differently — maybe it’s spending time with someone or giving them something that will have sentimental value, like a photo of a vacation or sharing your family recipes.”
In addition to financial considerations, the holidays can also impact employees’ mental well-being through increased stress. Employees who recently lost a loved one may find this time of year particularly difficult, says Hébert, noting UAP is communicating the availability of its employee assistance program and virtual health-care offering during the holidays.
These initiatives are being communicated through email, the company intranet and televisions in break rooms at the company’s distribution centres and stores. The programs are also included in regular employee meetings, she says.
This support is important during a holiday season marked by the rising cost of living and ongoing economic volatility, says Kim Siddall, national vice-president of client strategy and delivery excellence at People Corporation Inc.
Read: How employers can use workplace policies, communication to ensure safe holiday celebrations
“People are probably tightening up a little bit on their spending this holiday season, so things like reward programs and discounts can help things go further.”
Employers may also want to spend more time thinking about asking employees for contributions towards workplace holiday celebrations, such as office parties and gift exchanges, she notes.
For employers offering financial advice during the holidays, they may want to consider education on topics such as financial scams and buy now, pay later programs, she adds.
When the New Year arrives, UAP’s financial wellness advice shifts gears to budgeting for the year ahead and reminding employees of making contributions to their group registered retirement savings plan, says Hébert.
Read: How employers can support employee financial wellness during the holidays