A majority of Americans are entering the month of February with more holiday bills racked up than they expected. Financial health doesn’t just impact an employee’s home life. Financial stress can take its burden in the workplace too.
How does this financial stress impact your team’s health and productivity?
Financial stress kills productivity. Bank of America recently conducted a survey on financial wellbeing, and found that a whopping 56% of employees feel stressed about their financial situation. More worrying is the fact that 50% of those employees felt that financial stress was affecting their productivity at work.
And let’s think about this, a USA Today survey found that people with high financial stress have 3 times the digestive track problems, double the rate of heart attacks and 44% more migraines. Likewise, a company with a 100 full-time employees can lose as much as $520,000 annually from employee financial stress.
How can you help? Its important to recognize that financial wellbeing is as important as screenings, the gym and what type of food is on a person’s plate. To get results from your wellbeing initiative, we must adapt a comprehensive approach that considers every aspect of an employees life. Investing in mental, social, emotional and financial health, along with physical and nutrition, will help create a happier, healthier workforce — with results that last.
Organizations have every reason to want their employees to be financially sound. An effectively designed employee financial wellness program can help employers:
- Bolster productivity, because employees aren’t distracted by financial worries.
- Drive more predictable workforce flow throughout the organization.
- Result in improved physical health.
- Increase employee engagement and retention.
- Create more affordable retirement opportunities for all employees and enable career advancement opportunities for younger employees.
Alyfe Wellbeing Strategies financial wellbeing programs help employees take action and reduce financial worries. At the same time, employers increase workforce engagement and productivity. We want to be your trusted partner on the path to wholeness. Please contact us at firstname.lastname@example.org or (866)668-7483, to learn about our wellbeing strategies — we are excited to partner with you!