One of the greatest gestures an employer can do is to help their employees manage their debt. This doesn’t mean you need to pay it for them, but guiding them to manage their salaries will be greatly appreciated and reduce the stress.
Open-door debt policy
Create an open-door debt policy where employees feel comfortable to discuss with you when they are in a financial rut. You could use this opportunity to help them put together a budget so they can properly manage their income.
Create a saving
Many companies can’t offer benefits such as 13th cheques however, you could structure the salaries in such a way that employees benefit at the end of the year or even quarterly. Even better if the saving isn’t taxed so they are motivated to stick to this agreement.
Every company has someone who is responsible for finances. Consider asking them to spend an hour a week to sit with each employee to find out how they can better negotiate rates with creditors. This will help your staff better understand how creditors work and how they can quickly pay off their debt.