How to protect employees from financial stress in a crisis?

How to protect employees from financial stress in a crisis?

After almost a year, the impact of the Covid-19 pandemic on employees is beginning to be felt in full. Companies and employees are facing the biggest cash flow problems in years. Many of them go all the way. According to an LMC survey conducted in waves last year, more than half of people faced a drop in their incomes. Some families lost only part of it, others found themselves right on the edge of an existential crisis and debt traps.

With this development comes deteriorating mental health. Three times more depression, twice as much anxiety, and the serious mental states that hundreds of thousands of people suffer from, the survey says. The productivity of the work of an employee with mental illness decreases significantly. A depressed person wastes up to a third of his working time. In total, companies lose billions of crowns on lost wage costs alone.

At the same time, the crisis has not affected the labour market across the board – the scissors between employees and companies are opening up. People in crisis expect support, help and appreciation from their employer more than ever before. According to a 2020 Advanta survey, 70% of Czech employees expect help and support from their employer in case they run into financial difficulties.

Employees are much more money-oriented and financial benefits-oriented. They solve liquidity problems and need flexible access to money. Perhaps in the form of more frequent withdrawal of your own payout. The most important benefit for 2021 is security and stability.

What money-related problems most trouble Czech employees?

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Difficulties with managing income and expenses, weeks to pay, which Czech families have to manage with a minimum of their monthly income, lack of savings and expensive and dangerous solutions in the form of loans or microloans. In short, this is the financial reality of thousands of Czech households. A situation that has been exacerbated by the Covid-19 pandemic that has lasted almost a year.

What kind of help do Czech employees expect from their employer?

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Not only from the survey, it is based that people realize that indebtedness is not a solution. However, many of them have no choice but to fall into debt traps. Advanto will help solve the situation. What can the service do?

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Do you want to know more about Advant, its benefits for employees and employers, and how it works in practice? Download the Advanto ebook.

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What is Advanto?

Advanto is a smart app that allows employees to access a portion of their earned wage at any time and, in just a few clicks. It helps companies improve recruitment, reduce turnover and increase employee loyalty.

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About how Advanto protects employee health and what are the benefits for your business.

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