4 Steps to Improve Financial Resiliency in Tough Times

During economic downturns, it's also important to remember that spouses and family members of employees may be out of work and need support, says Anna Langford, SHRM-SCP, director of total rewards strategy and initiatives at BrightSpring Health Services, a 45,000-employee health and pharmacy services provider based in Louisville, Ky. [...]in Burlington, Vt., Rhino Foods is helping its employees deal with and prepare for financial bumps in the road. Since 2008, the company, in a local partnership with the North Country Federal Credit Union, has offered loans of up to $1,000, which are repaid with $50 debits from employees' paychecks. The Society for Human Resource Management (SHRM) recently introduced SHRM PaySolution, an electronic payroll option for employers that gives workers, especially those without bank accounts, quicker access to their earnings through a prepaid debit card. [...]party provider Prudential Financial incorporates employers' benefits offerings into its financial education program. "What I have seen over a few decades, and something that has accelerated over the past five years, is plan sponsors adopting smart plan designs that feature automatic default components in plans," says Dave Stinnett, head of the Vanguard strategic retirement consulting team that offers plan design and participant experience advice to plan sponsors.