Is money stress affecting employee performance at your organization? Studies show financial challenges are hurting productivity, health, and engagement for most of today's workforce.
62% of employees say financial problems significantly impact their work. It’s linked to a lack of focus, low motivation, and increased sick days.
In 2023, employee financial wellness dropped to just 42% - the lowest since 2010. The cost of living rising faster than wages is a top concern.
Additionally, financial hardship exacerbates health issues like depression, anxiety, diabetes, and insomnia according to research. This leads to higher insurance costs.
Clearly, financial stress is an epidemic in today’s workplace. Employees are struggling. How can conscientious companies respond?
Here are five proven strategies to alleviate money woes at your organization:
Host voluntary workshops on financial literacy covering topics like budgeting, debt management, and retirement planning. Knowledge reduces stress. (We have one every month!)
Connect employees to vetted financial counselors for personalized guidance on their situation. Make it affordable if not free.
Build online hubs with curated resources on all aspects of financial health. Add new relevant content regularly to keep it fresh.
Sponsor employee support groups for sharing budget wins, money tips, and encouragement. Community makes a difference.
Survey staff anonymously to gain insights into their specific financial pain points. Use data to refine offerings.
While not every program needs to be costly, investment in financial wellbeing yields returns through performance. Employees who feel financially secure bring their best selves to work. They’re less distracted, more energized, and have greater peace of mind and capacity.
Make financial health a priority at your organization. Everyone benefits when money stress is alleviated. Help your people be at their best by lightening their financial load.
