Step 1: Think About Your Employees

We’ve stressed a lot here that you need to really think about your employees in your plan. It’s not just those in student loan debt who need help. They’re probably just a percentage of your team. So, ask yourself these four questions as you look at what’s best for your team:

Who Are They?

Look closely at your employees. Ask yourself who they really are. They could be single moms trying to cover childcare, pay the bills, and keep food on the table on just one income. They could be recent college grads just starting out, new to the world, and not really sure what they need to do with their money. They could also be older students in college, working late into the night to remake their careers or earn a promotion. They could be parents trying to figure out how they’re going to put their kids through college.

Nicole is paying down her student loans.

You may know some of them better than others, but if you can put yourself in their shoes, you can put together a plan that actually works for them.

What Do They Struggle With?

Part of understanding your employees’ situations is learning what they struggle with. If you don’t know what their problems are, it’ll be difficult to help. Some common struggles we hear about revolve around budgeting, saving, spending and financial planning. And those are likely some of the most common issues your employees have too.

Common Financial Struggles

You need a plan that helps them take on these weak areas and build up their money muscles.

What Are Their Goals?

Remember, your employees have dreams. They want to start families, buy homes, send their kids to college, retire early (or even just on time), and leave inheritances to their grandkids. Every single one of these goals requires focused effort, dedication over time and a clear plan. And you have the chance to give them just that.

Nicole is paying down her student loans.

How Can You Help?

If you’re serious about helping your employees get out of debt and into financial wellness, then you’ve taken a huge step already. The next step? It’s time to start putting together all the pieces based on your team’s needs.