Stress is an unavoidable part of life. While some amounts are manageable, too much stress over time can lead to physical and mental health maladies—not to mention the negative impacts on morale and performance.
That’s why it’s crucial for companies to address employee stress in the workplace. But where do they start?
According to Purdue University, finances are the number one cause of stress and anxiety for employees (73%)—more than the work itself (49%). At the same time, a PwC survey found almost 60% of workers agree that compensation isn’t keeping up with the rising cost of living—which is up from 41% in 2021.
Of course, each employee has a unique financial situation, so there’s rarely a one-size-fits-all solution for tackling the problem. For instance, one worker might have anxiety over an unexpected expense or saving for retirement, while another might have a debt repayment or spending issue. Providing extra money through compensation or bonuses might help the former, but the latter might benefit more from guidance on money management.
Before employers can improve their workers’ financial literacy and wellness, they first need to recognize the serious impacts financial anxiety can have, both on individuals and organizations.
When workers are dealing with high levels of stress, they can experience a number of personal issues that aren’t always noticeable to an outsider. Financial difficulty, in particular, can lead to employees feeling overwhelmed, unmotivated, and disillusioned with their jobs.
These feelings can manifest in a variety of ways, such as:
Financial stress is a serious issue that can have severe impacts on both employees and employers. Fortunately, company leaders are stepping up, with 97% of employers feeling an increased responsibility to support their workers’ financial wellbeing.
So, what can leaders do to help employees in the workplace? Here are five ways employers can reduce financial stress for their employees:
At WellRight, we help employers transform their workplaces and empower their employees with tailored wellness programs. Our new ebook, “The Business Case for Financial Wellbeing,” provides evidence-based solutions for implementing financial wellness programs that deliver real results.
Read it here, or contact us for more information.