Economic Support
Family Friendly New Mexico – Business Toolkit
Researchers, including the Economic Policy Institute claim that wage stagnation is our country’s key economic challenge. Despite GDP growth of 149% over the past three decades, wages have stagnated or declined over that same period. Companies can play a critical role in changing this trajectory by offering employees economic support benefits. Employees are more likely to be loyal to the company and stay employed longer, reducing costs associated with staff turnover, and employee morale tends to be higher which increases productivity and profit.
Family Friendly Business Toolkits
Family Friendly New Mexico’s business toolkits provide research informed guidance for businesses wanting to implement family friendly workplace policies. The toolkits can serve as planning tools for small business owners, HR professionals, CEOs and others with resources, fact sheets, sample policies, testimonials and more.
Family Friendly New Mexico Recognizes Five Economic Support Policies
Higher than average wages
Higher than average wages
Employers volunteer to pay their employees higher wages than the agreed upon standard for their industry
Subsidized training / educational assistance
Subsidized training / educational assistance
Employers provide scholarships, direct tuition payments, or stipends to employees to further their education and training.
Retirement / asset building available
Retirement / asset building available
Employers provide financial contributions or support for retirement savings plans (401Ks and IRAs), and other assetbuilding options for employees.
Subsidized, on-site, or near-site child / dependent care
Subsidized, on-site, or near-site child / dependent care
Voluntary employer-sponsored programs that help employees take care of their families. Dependent care policies aid in childcare or dependent care by providing on-site or near-site care.
Employer supported short-term financial stability options
Employer supported short-term financial stability options
Employer supported short-term financial stability options such as small-dollar lending with repayment available via payroll deductions, access to financial capability training/coaching
Resources
Looking for more resources?
Download the Economic Support Toolkit. Family Friendly New Mexico’s business toolkits provide research informed guidance for businesses wanting to implement family friendly workplace policies. The toolkit can serve as planning tools for small business owners, HR professionals, CEOs and others with resources, fact sheets, sample policies, testimonials and more.
