Money Woes at Work: How Companies Can Ease Financial Stress

Money Woes at Work: How Companies Can Ease Financial Stress

Maren
Author
Maren
Author

Maren Higbee

41 days ago at 7:54 AM

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.

Maren
Author
Maren
Author
Maren Higbee

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.

Be the first to share your thoughts

Anonymous

What is OneVillage?

Overcome Life Challenges with the help of the OneVillage community. Whether you're facing difficult conditions like major surgery, depression or other obstacles, OneVillage is here for you. Discover relatable content, care planning tools, and community groups filled with valuable advice from people who understand. Whether you're seeking to learn from others' experiences, find support as a caregiver, or access medically approved resources, OneVillage is your go-to platform.

Want to learn more about how it works?

Contact Us