Employee Financial Wellness: How to Use an Employee Assistance Fund to Help Employees During COVID and Other Financial Hardships
Socially minded employers have offered a range of corporate social responsibility (CSR) programs to engage their employees in workplace giving and volunteering for decades, traditionally focusing their corporate purpose programs outward to help the communities in which they live and work.
Many were caught off guard in the wake of COVID-19 though. In an instant, the workplace changed and businesses faced unprecedented challenges, not the least of which was the plight of their own workforce. It quickly became apparent that employees needed help.
The solution employers across the U.S. and abroad turned to: Employee Assistance Funds (EAFs), also known as an Employee Relief Fund, Employee Crisis Fund, and a host of other names.
Through an EAF, employers and their employees can work together to help their colleagues navigate difficult circumstances, providing qualified employees a grant to help them cover an expense and cope with unexpected financial stress.
The COVID-19 pandemic certainly served as an inflection point for corporate action and purpose in 2020, but crises are timeless. Employees will continue to face financial difficulties due to natural disasters, emergencies, and personal and family issues. By creating an EAF, your company can help your employees navigate tough times and demonstrate your commitment to responsible corporate citizenship.
As one of the few facilitators in the U.S. with an established program to help employers of all sizes and across all industries create and operate EAFs, America’s Charities has quickly become a leader in the space. In fact, we are the only organization to offer a charitable giving component, which enables coworkers and the wider community to support their colleagues and neighbors. By bundling other aspects of giving, America’s Charities also empowers employers to easily integrate EAFs with their other CSR programs and achieve even more social good.
America’s Charities’ new guide, Help Employees Overcome Unexpected Financial Hardships and Stress with Employee Assistance Funds, which includes access to a 15-minute video, featuring America's Charities President and CEO Jim Starr, and EAF Program Manager Katie Kern, will help you learn all about the whats, whys, and hows of starting, expanding, or outsourcing your EAF program.