Managing Financial Work Stress: From Hardships To Layoffs

How do you navigate the stormy seas of financial work stress during tough times like layoffs and economic downturns? This episode of Yahweh's Money promises to equip you with faith-based strategies for managing these challenges. Shay Cook and Vanessa McNelley reveal the power of transparency and open communication in the workplace, and how practical adjustments such as flexible work arrangements and remote work can significantly uplift employee morale. Drawing from Proverbs 27:23-24, we explore the deeper value of creating a supportive work environment over merely accumulating material wealth.

Discover how employers can truly support their teams through financial hardships by investing in their well-being. We bring real-world examples showing the positive impact of providing financial counseling and maintaining clear communication, in contrast to the negative effects of abrupt layoffs. Understand the importance of recognizing employees as individuals with full lives outside of work and the crucial role of leaders in ensuring their well-being. We'll also highlight the pivotal role of employee assistance programs during challenging times, underscoring the lasting difference that genuine care and respect can make. Join us for this enriching conversation on faith-based financial management and workplace support.

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Our podcast is proudly sponsored by Crusaders for Change, LLC (C4C) and hosted by our CEO and Founder, Mrs. Shay Cook. At C4C, we provide customized corporate financial wellness programs for businesses, government agencies, and nonprofit organizations. Our services are tailored to create happier, healthier, and more productive work environments. We also empower individuals and couples to overcome debt, improve their credit, boost savings, and more. Ready to learn more about how C4C can impact your life? Contact us today at https://www.crusaders4change.org/!

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Music by:
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Chapters

• 0:03 Faith-Based Financial Management for Work Stress
• 8:16 Supporting Employees Through Financial Hardships

Transcript

Shay: 0:03

Ever felt those awkward vibes when religion and money come up? You're not alone. Welcome to Yahweh's Money, the podcast where we tackle the crossroads of faith and finance. I'm Shay Cook, an accredited financial counselor, and the CEO and founder of Crusaders for Change LLC.

Vanessa: 0:19

And I'm Vanessa McNelley, accredited financial counselor and COO of Crusaders for Change. J oin us on our journey as we discuss topics like tithing saving and conquering debt through religious perspectives. Let's get started.

Shay: 0:35

Hey everyone, welcome back to another episode of Yahweh's Money. Vanessa, how are you today? Hey, I'm good, S shay, how are you? I'm good. We're about to talk about a heavy kind of maybe sad for some people, but hopefully uplifting as well topic of managing financial work stress. Wow, okay. Well, we're going to delve into this topic because we need to.

Shay: 0:56

There's a lot going on in this world and a lot of people are dealing with this stress at work, from whether it's hardships to layoffs. At one point or another, many of us were affected by this and this distress the financial stress in the workplace. So when business faces tough times, it's not just the bottom line that fills the strain. Oftentimes it's the employees that bear the brunt of the financial hardships too. But fear not, because in this episode we're exploring proactive ways businesses can support their employees during these challenging periods.

Shay: 1:29

So in Proverbs 27, 23 through 24, it says be sure you know the condition of your flocks, give careful attention to your herds, for riches do not endure forever and the crown is not as secure for all generations. When facing financial insecurity, this verse conveys the idea of being diligent and responsible in managing one's possessions and wealth, no matter how prosperous or powerful a person may be, their riches and position are not guaranteed to last indefinitely. This reminds us of the broader theme found throughout the Bible, that material wealth. I'm going to say that again. Material wealth is temporary and ultimately less significant than spiritual values. Wow, that's powerful.

Vanessa: 2:19

It really is, and it's sad we have to keep talking about this that money isn't everything. But the reality of it is, is most people feel like money is everything.

Shay: 2:28

You have to be reminded, because money is everywhere and that's all they talk about and they make it very, very, very sexy to have money.

Vanessa: 2:34

Well and it's like okay, I understand that businesses have to be prosperous to employ people to keep in business, but I think there has to be a little balance there.

Shay: 2:44

Yeah business.

Vanessa: 2:46

But I think there has to be a little balance there, and there are lots of things that employers can do to make their employees feel like they're part of something bigger and that they matter. That doesn't cost money, and one of those things is transparency and communication. If an employer is transparent with their employees and they know where they stand, there is going to be a bond there and employees are going to trust their employer. They're going to feel a loyalty to that employer and they're going to know exactly what's happening. So if things are going well, you're going to know that. If things are not going well, you're going to know that too. And the reality of it is is. I think a lot of employers feel like they're hiding these things from their employees. Employees always know.

Shay: 3:29

There's like children know when parents are fighting right.

Vanessa: 3:33

There's always talk, and that is so nerve wracking to like sit there and be like I don't know if I'm going to have a job tomorrow or are we going to get pay cuts or, you know, are they going to close this location. Whatever that might be, if you can be transparent and open with your employees, they're going to stand with you, no matter what the situation for the most part, and it's going to really alleviate some uncertainties and it's going to foster trust between both parties.

Shay: 3:59

Yeah, I agree I agree, yeah.

Vanessa: 4:02

And then if you're able to which some businesses can't do that if you're able to set some flexible work arrangements for your employees, do some remote work, flexible hours, you can even compress some of those work weeks. That's going to help your employees feel like they're more part of the team as well. I think you and I both worked in environments where we've had the longer days, but we've gotten a Friday off and I swear those are wonderful situations because you're getting just as much done but you feel like you're getting a three-day weekend every weekend. So, even though there might be some uncertainty, you feel like you're at least getting something out of the deal deal.

Shay: 4:45

That's so true. The alternate work schedule. People will work nine, 10 hours a day and get off on a Friday or Thursday. Friday just work four out four days. Five days one week, four days another week. I know you could see people's just morale increased by that opportunity. It's amazing.

Vanessa: 4:55

And then, if you have children, you're only having to find childcare for four days versus five, so you're saving money while your company may be having a rough patch. It's really helping you out financially too. Exactly, Exactly. There's so many things. And then employee recognition, and this does not have to be, you know, an amazing ceremony with food and gifts.

Vanessa: 5:17

Thank yous mean so much they do or small gestures mean so much and it really helps your employee to feel like they matter. I used to work at a place that had one of those novelty ice cream freezers and just randomly they would come over the intercom and say thanks for all you do. We know what you're doing, we appreciate it. The ice cream lockers are going to be open from two to four.

Vanessa: 5:45

Enjoy and help yourself and it's such a small little thing, but it really helped us to feel like we were, you know, important and part of the team and that we mattered.

Shay: 5:55

That is so true. We've had that too Ice cream days, people bringing in donuts, bringing in cakes, and every time Nate would make like you know some kind of bake, some kind of dessert. I would say make an like you know some kind of bake, some kind of dessert. I would say, make an extra you know carrot cake, or make extra banana pudding or whatever, because I would bring it into my team so they can experience that. And they always remembered me, as you know, the wife that had, the husband that baked. But they appreciated that.

Shay: 6:18

You know, just showing you know, or taking them out to lunch, or just going. You know, let's go for a walk, let's like what? Yeah, let's just get out and walk outside. And so I would randomly take a different employee and walk them around headquarters, and I work for Coast Guard, and the list goes on. In different ways you can just show people that you care about them. So many things, yeah. And then there's things employers can offer, right. So like additional training and upskilling may increase their job security and future earning potential. I mean, who doesn't want more education? Now, when you get to a certain age in your life, you're like why do I need to go to?

Shay: 6:52

school or get another certification, but especially for the young ones. You know, and even when I was younger it was so great when an employer offered you know, I'll pay for some of your schooling and I would always take advantage of all of that. Every certification that I could have made me better on my resume, cause you know, and a lot of times they you know if you did schooling with an organization and you have to give them some years back or whatever, but still that's job security, you know.

Vanessa: 7:18

Like I said so, it really is and it shows that they believe in you.

Shay: 7:24

And they're not. I mean, yeah, and not being worried about somebody who's going to leave they're going to leave anyway but how it just makes you feel better as an employer that you're taking care of your people. So and offering financial counseling services. Hello, crusades for Change. You know this is a much needed support. We're talking about financial hardships and dealing with layoffs during and while you're in any kind of crisis in your life or when you're dealing with a business organization that are dealing with that financial crisis. You know, having that financial counseling service provided by Crusades for Change and beyond really helps individuals and their families, and even the organization make sure that people are taken care of. So here at Crusades for Change, we provide financial wellness programs to organizations.

Vanessa: 8:08

And it does help your employees know that you're thinking about more than just you know them coming in every day.

Vanessa: 8:16

You know, I've worked at a place before where we were hired for a nuclear plant that was shutting down and we went in and we had financial counseling sessions with the employees and they knew that they were going to lose their job. But we could sit down with them and look at their retirement package. Could they retire now, Could they not? Are they willing to move to a new location for another opportunity with the company and what that would look like financially for them and their family? So that company really took the time to invest in their employees who have served them for all these years, even though they knew it was just a temporary situation.

Shay: 8:52

Oh, that's awesome. What a service to provide and really think about your people right.

Shay: 8:57

Yeah, when I was laid off from the Army, I mean they called it, like I said back in the day in 2010 or 11, they called it a BRAC. You know, base Realignment, encl. In my Army Community Service Center. That was not placed and of course we were doing providing those services to everybody on the base, but being able to sit down and talk to other people, I know, honestly, me sitting down with my husband was the most pivotal piece. Like, let's have a conversation. I don't know how long I'm going to be out of work. Yeah, they're giving me a severance package, but this money is only going to last this long. So let's figure this out. And I planned for like 12 months out, you know, in case that found thank God, I found a job within two weeks, but I but I even stayed with that budget for like six months so I could all the extra money I could, you know, take care of whatever debt, savings and stuff, and just being able to know stuff ahead of time.

Vanessa: 10:00

It was so important, yeah, and that goes back to that transparency you know, and being able to do that, and I've worked somewhere before where I literally received an email saying sorry, you're gone.

Vanessa: 10:12

And as of right now that's the case and we've been told up until that day, everything's great, everything's wonderful, everybody's secure. And, as of right now that's the case and we've been told up until that day, everything's great, everything's wonderful, everybody's secure. And when you're being told that by a company and you think everything's good, and then they let a whole team go over email and it's just, you know, instantaneous. You don't have time to prepare for that. You know you have no time to prepare for that. So if there would have been some, you know, conversations ahead of that, then we could have all kind of gone into emergency mode and you know just had our needs met and not our wants, and saved for certain things.

Shay: 10:48

So employers need to understand that in doing that for their employees they're really helping them get ahead, even if they know that there is no future and what they have there exactly, and the one thing that comes to mind for me is also people now lose trust and they go into other work you know other place workplaces and they're coming and you're wondering why they're angry or upset or not being able to trust you because somebody's they've been scorned and it's hard to you know be able to go back in and trust somebody. So then now us employers are working even harder to get these people to trust us and be loyal because they've been burned before and so that's so sad.

Vanessa: 11:26

It's super sad and it's just like any other relationship. You know somebody who's been in an abusive relationship with a partner, or you know an untrusting relationship. You bring that to your next relationship, whether you think you do or not. But there has to be some barriers that are broken down there and that takes a lot of time to repair. And sometimes you can't repair it fully, so I guess that comes into you know, needing other services too at that point.

Shay: 11:50

Exactly, yeah, like the employee assistance programs. They offer counseling and mental health support and referrals to financial assistance resources that we've talked about. Those really are pertinent when there's a transition, when there's a layoff and there's any kind of hardship financially, spousal abuse, any you know, elder care I mean the list goes on that they can. You can provide that to your employees to feel like you know you really care about them. Like I mean, going back to Proverbs 27, 23, be sure you know the condition of your flocks and be careful, give careful attention to your herds. I mean, that's our responsibility as leaders, but as individuals, as Christians or any religious I'm sure there's some kind of religious text like that in every religion Like take care of your people, know what they need and what they need Exactly.

Vanessa: 12:42

And when you're entrusted with a leadership role and a position, you're entrusted with these employees, these souls that we are responsible for, and our job is to make sure that they are in the best physical shape, mental shape. You know that we possibly can while they're with us. They're not robots, you know right and there are so many things going on other than than work. So you know, our job is to make sure that we treat them the way we want to be treated. It's that simple, absolutely that simple yeah.

Shay: 13:18

Like I was saying, they're not robots. They can't just work and they don't have emotion, even though you know we were talking about AI and we're not going to go down that road.

Shay: 13:25

That'd have to be a whole nother episode. But you know, just yeah, these people are not robots, they are souls, like Vanessa is saying, and they, they have a life outside of work, and that's why my husband caused me being nosy. But I want to know not everything, but like a lot about people that I work with and for like or work for me or whatever, whatever, always considered by a colleague honestly.

Shay: 13:47

so I want to know about Vanessa and TJ and everybody. To me, that's not only the bond that creates that and beyond that, alana and Adriana, and the list goes on. Eleanor I don't want to miss anybody. I'm sure I am landed and Janessa and Don and Mr Hutt and everybody else on the list.

Shay: 14:02

Everybody I work with is part of the business, from attorneys and mahogany and Peter I have to mention everybody now but yeah, so, everybody that I work with and for and through the chamber and everything, because to me, building those relationships is key and building trust and loyalty. But it's also knowing that I care about you. This is not just exchange of money and me trying to get rich off of you. No, this is actually. I want to work with people that I care about, that I love genuinely through Jesus. That, to me, is important. So when people are going through these financial hardships, I'm here to support you. If I need to pay you more, if I need to whatever give you help, do a financial counseling session, whatever I want to be here to support you.

Vanessa: 14:43

And it helps us be able to know when we need to show somebody more grace. Yes, because there are things that go on outside of work and whether you are caring for an elderly parent or you're going through a divorce or you know, you just have a situation outside that's really just kind of messing with your head, or even the good things and the good times. You know you want to be able to be there to you know, uplift people and really celebrate with them too outside of work, so it all goes hand in hand.

Vanessa: 15:12

But you know there are some times in work life where you're kind of at this point as an employer and you're like I don't know what to do. We've got to do something because what we're doing is not working. And there are some last resort temporary measures that employers can take. But I think it still comes back to that transparency and that openness and the communication transparency and the openness and the communication.

Vanessa: 15:40

So there are ways to eliminate layoffs or business closures, and sometimes that might be making your you know, making your team a little smaller, or even doing some temporary pay cuts.

Vanessa: 15:48

You know I've worked at places before where the executive team has taken pay cuts to keep everybody else afloat, and I think employees appreciate that because they know it's coming from the top down, versus the other way, like it usually does, cause usually you get rid of employees first, but if they know that you are investing in them by taking a salary decrease, they know that you're in it for them as well, cause you're not doing that just to just to do it. You're doing that so you can help your employees stay there and get through this rough patch. You can also reduce work hours, which I know a lot of people have been in that situation where they've reduced their work hours, reduces pay, but at least you still have a job you still have benefits and you can find a side hustle if you really want to, to kind of make things work.

Vanessa: 16:36

Sometimes that even helps because of childcare or you know not being able to attend or do certain things, or you have parents you're taking care of, so you have more time for that.

Vanessa: 16:45

So, it's a good way to to not have to get rid of people, because it might just be a temporary thing that you need to get through whatever season it is in your company's life. There's also voluntary unpaid leave. Some people would love to take a month off and travel, or take a month off and, you know, go stay with family to help with something, because they've planned and financially they're secure enough and that can be a way to kind of get things back on track to. The ones that need to work can stay, the ones that don't, and that can be a way to kind of get things back on track too. The ones that need to work can stay, the ones that don't and they would love to have some time off can take it.

Shay: 17:23

Yeah, true, and sometimes you just need a, you know, self-care or reset. So sabbatical as they would call it in churches, people just take off for the summer just to reset mentally, spiritually, physically.

Vanessa: 17:34

So and that might be good.

Shay: 17:35

Yeah, Unfortunately you're not getting paid, but at least you're. You're taking care of yourself, and that's even worth even more.

Vanessa: 17:41

Right, and you know, and there are some employees who truly work just to provide childcare or to take care of. You know, certain bills that they may not have if they were at work, especially when it's a two income family. So that's something to consider as well, especially when it's a two-income family. So that's something to consider as well. But you know it goes into the voluntary part, not the involuntary.

Vanessa: 18:00

So really kind of look at these situations and then another thing that we've not talked about a lot yet is prayer and just relying on you know, any spiritual leaders that we have in the community, religious organizations. We can utilize those services and have these communications. Because it's so good to get these things out? Because I think, as employers, sometimes you feel like you don't have anybody you can talk to.

Vanessa: 18:26

You know you have this burden on your shoulders and you're bearing this alone, but you don't have to you know, you don't have to, and that's why aligning yourself with people who have the same belief structure as you and will uplift you in these situations, that's a powerful, powerful thing.

Shay: 18:47

It really is. And you know, the scripture for today in the Bible app is Galatians 6.2. It says carry each other's burdens and in this way you will fulfill the law of Christ. And I think so many of us are carrying a lot of burden, silently or not sharing that. And when I saw that scripture and I woke up this morning, I'm like, oh my God, yes, we need to carry each other's burdens. And just because that's the way of the Lord, and there's these religious organizations and even beautiful community organizations that we even work with, like Sarah's House, and the list goes on that are really out here trying to help people. And it's no shame in asking for help. So go to prayer and remove the shame and the guilt and all of that. And you know, if you need help, ask because people are here, including Crusades for Change. So you know we're here to support you. Or even just as individuals, vanessa and I, we are here to support people. So you know we're here to support you, or even just as individuals.

Vanessa: 19:41

Vanessa and I, we are here to support people. So you know, yeah, that's beautiful. So any final thoughts. I just say if you find yourself in a position as an employer, surround yourself with people who are like-minded and who will be uplifting versus tear you down, and remember that you can have these conversations with trusted people even within your own company, because you're showing that you want what's best for your people. Amen.

Shay: 20:01

And even when you're going through the darkness, remember there's always light on the other side. So keeping hope alive is how I would end this episode. So thank you for joining us today. A big thank you for listening to this episode. We hope you found today's chat about the intersection of religion and money insightful. We would love to hear your feedback. Hit that subscribe button or follow the podcast and please feel free to leave us a review?

Vanessa: 20:26

Yes, and for the latest Yahweh's Money content, visit us at www. Crusaders4Change. org or find us anywhere you listen to podcasts. Until next time, stay financially fit and spiritually inspired.

Shay: 20:40

And remember it's always better Yahweh's way.