New Year – New Opportunities

By Jim Trujillo

*Lets out a long sigh of relief.* Well, that was crazy. After a global pandemic, political discourse, and the overwhelming disarray which was 2020, I think we can all take a moment to be grateful that last year is finally over.

January brings an abundance of possibilities – a new year means New Year’s resolutions, setting goals, and evaluating the potential of the months ahead. January also brings Financial Wellness Month. It’s a time to reassess and rejuvenate our relationship with money, and as a financial advisor, I can’t think of any way better to kick off a new calendar year.

But I would be remiss to not acknowledge the last 12 months and the effect it has had on all of us. What many of us may forget is that COVID-19 wasn’t just a global health crisis – it was an economic, societal, and cultural crisis as well. From social isolation, to work reduction or job loss; from missing out on major life events like graduations or weddings, to the horrifying worry of contracting, or even worse, dying from COVID-19 – this pandemic caused layers and layers of added stress to everyday life. One underlying theme throughout it all? Financial stress.

First things first, Americans are stressed out. In recent years, the National Center for Health Statistics has recognized that about 1 in 10 adults report feeling anxiety or depression. This year, that 1 in 10 rose to 35% due to the impact of the pandemic.

With these stressors, we’ve had to change and adapt to our way of life, especially in the workplace. Many businesses have changed their services, offering more online options and less person-to-person contact. Other companies are offering more flexible work arrangements with work from home set ups. These work adaptations may seem like they are in place just to flatten the curve, but employers may want to take a second look before returning operations back to normal.

The reality is that many believe change is here to stay. In fact, according to the Pew Research Center, 51% of the American population believes that their lives will remain significantly changed even after the pandemic is over. That means that over half of the United States presumes that we will not be going back to the way things were.

What’s even more interesting is how the numbers differ between the generations. According to the study, the percentage of individuals who believe their lives will be significantly changed breaks down by the following age groups:

• 57% of those age 18-29
• 51% of those age 30-49
• 50% of those aged 50 to 64
• 47% of those 65 and older

We know that in the coming years, Millennials and Gen-Z are positioned to make up the majority of the American workforce. Considering this new research, companies will need to adapt to meet the current and future needs of their employees – but how?

At the beginning of the crisis, my company’s president introduced us to the idea of Post Traumatic Growth (PTG), a theory that determines individuals have the inclination to grow after experiencing trauma. According to Richard Tedeschi, PhD, people who experience Post Traumatic Growth develop new understandings of themselves, the world they live in, how to relate to other people, the kind of future they might have and a better understanding of how to live life. His findings identify five specific areas in which people grow: appreciation of life, relationships with others, new possibilities in life, personal strength, and spiritual change.

According to the Journal of Affective Disorders, approximately 50% of people who have endured trauma will experience Post Traumatic Growth. With this data, we can assume that around 50% of employees will seek opportunities to grow after living through the effects of the pandemic.

One major way that companies can support their employees’ growth is through company sponsored benefits. Organizations looking to attract and retain top talent know that employee benefits and perks are an essential element for their workforce. Although budgets have been set for 2021, there are cost effective ways to boost your employees’ quality of life, and that can align with the idea of Post Traumatic Growth.

• APPRECIATION OF LIFE

We know that employees have lives outside of work, so why not provide them perks that help promote a balanced lifestyle. This can be anything from flexible work schedules, floating holidays such as birthdays, remote work options, job sharing, to onsite services like childcare, fitness centers or health care clinics. Anything that can support a healthy work-life balance can be beneficial.

• RELATIONSHIPS WITH OTHERS

Humans are innately social creatures, and we thrive when we are able to spend time with others. As we begin to lighten some of the social distancing protocols, consider options that encourage relationship building. Some ideas may be hosting a game night or food trucks, discount tickets to local parks or cultural attractions, even designated social rooms for employees to kick back and relax.

• PERSONAL STRENGTH & NEW POSSIBILITIES IN LIFE

January is notoriously the time where everyone sets personal and professional goals, so why not help your employees out along the way? For their wellbeing, host a mental health or mindfulness workshop or provide discounted gym memberships. For their professional life, consider discounts on any professional development or subsidies for higher education or designations that align with their career path.

• FINANCIAL WELLNESS

Financial Wellness is something in which most Americans could use a helping hand, and the pandemic undeniably highlighted it. According to Bankrate only 4 in 10 Americans would be able to cover a $1000 expense. With the financial stressors that arose from the pandemic, this stat may be even worse. A financial coach can help your employees with emergency savings, preparing for retirement or even helping them through a transition.

These are just some of the hundreds of potential employee perks you can offer your workforce. The most important thing to remember is that your employees are people, people that want to move past this last year and look forward into the future. 2021 is here, and after a year with unbelievable hardships, we are finally able to hit the reset button for ourselves and our colleagues. Cheers to a new year of possibilities!