Employees living paycheck to paycheck?

Question

I own a small business and it seems all our employees are living paycheck to paycheck. Is there something I can do to encourage them to save more money and stop buying c**p? I am tired of requests for advances in pay. FYI, the lowest payed wager earner is $11.00 per hour and the highest has a base salary of $72K per year plus bonuses. Half of them requested advances at one time or another and I know several have maxed out on credit cards.

We provide good benefits such as medical/dental, frequent bonuses, but still . . . :( should I send them to a class on money management? I don't want them to go broke, cause I want them to keep working for me.

I will pay people what they are worth, but they seem to keep spending more the more they are paid.

Answer 1

whoa can i have a job i promise i will manage my money right

Answer 2

Have you heard of Dave Ramsey?  He has a course titled Financial Peace University.  There is also a 'Work Place Addition".  I suggest looking into offering the course to your employees.  You can't force them to be financially responsible but you can provide the tools to help them.

Answer 3

That seems to be the bane of American Society right now isn't it?  There is only so much you can do.  Why don't you stop giving them advances?  Give them incentives to save.  Maybe contribute more to their 401K accounts if they meet a minimum savings target (proportionally that is).  I would not waste my time with money management courses and such, if there is no hard cash incentive at the end, you will find it difficult to motivate them with anything else.

Answer 4

Don't give any pay advances, ever. Once you do it for one person, suddenly you are known as the boss who gives advances. They probably know this and will spend over their limits and in the back of their minds' they know you will give them an advance.

I dont believe that they will leave their job. If anything, they will stay working for you because they need the money. Best advice- let them go broke. It's the only way they will learn if they are that naive and about what the value of a dollar is.

Answer 5

dang 11? thats good..but then again idk what they do

tell them to shut up

other ppl would love to have a job

Answer 6

Quit with the paycheck advances, unless it is an extenuating circumstance which they could not have prevented such as their furnace was improperly installed and their house burned down while they were on vacation.