Relief may be on the way for people facing foreclosure on their home. The Senate is expected to vote on a package of housing initiatives any day now that includes an overhaul of Fannie Mae and Freddie Mac, a $300 billion program to refinance mortgages, and a combination of government grants and tax credits to help homeowners. Additional legislation is on the table at the state level in hard-hit states such as California.

But according to a Wall Street Journal report, many workers are turning to their employers for financial help -- and a growing number of companies are responding by offering assistance through interest-free loans to cover mortgage payments, financial hardship grants, and assisting employees with funds to help secure rental properties. Pay advances, conducting education seminars on personal finance, and enhancing their employee-assistance programs including debt counseling services are also on the table at many businesses, and 401(k) plan sponsors that haven't allowed hardship withdrawals in the past are starting to consider offering the option, according to the WSJ.

Small- to mid-size companies are, of course, more likely to open their pocketbooks with direct financial assistance to employees facing financial hardship than large public companies because the power to make such decisions generally resides in the hands of the CEO who may have face-to-face contact with imperiled workers. Large companies with complex governance structures and less paternalistic cultures are more restricted in the methods they can adopt to help employees, and many are grappling with ideas that align with their corporate responsibility strategy.

Still, some managements argue that the personal financial problems of employees don't belong in the workplace. But those firms can't ignore the impact of financial stress on worker productivity indefinitely. Any legislation passed by Congress will take time to kick in. Meanwhile the clock is ticking for people who are spending their workday worrying about losing their homes. And, as the old saying goes, time is money.