How Finances May Be Affecting Your Employee’s Health and Productivity
Recent studies have shown that over 75 percent of people are affected by their stress levels linked to their financial state. This problem affects not only employees but also businesses in more than one way. If a person is stressed about their financial obligations and making ends meet, then they can’t focus on their jobs and will find it difficult to add value to your business.
Many employees are burdened by their financial problems and fail to excel in their workplace. Often, employees are unmotivated, distracted and suffer from physical and mental illnesses caused by stress. This can be a problem for your business, as such employees will tend to take more sick days and are not productive in doing their day-to-day tasks.
A new report by Manulife has drawn a link between a workers’ financial situation, their performance in the workplace as well as at home and their overall physical and mental health. On average, one in three workers is likely to be struggling with his or her finances. These people are diverse, and the problem arises in men and women equally. These people are often less inclined to exercise before or after work and worry more about making enough money to pay off their debts or rent rather than focusing on their overall health.
That said, many employees don’t foster open lines of communication with employers to discuss their stress levels and health. To ensure that employees feel comfortable seeking help with minor stressors and health issues before it becomes major debilitating problems, employers will need to take the first step and break the stigma related to talking about personal challenges that workers may be facing. Take the initiative and discuss these issues with your employees. This will make them feel heard and could help identify potential problems that could lower productivity.
Employees who feel that they have financial security are more confident and productive in their work. It is important to look after your business and your workers. Having a reliable employee benefit plan and an employee group retirement savings plan can make your workers feel valued and protected. Both plans can be customized to fit not only your financial budget, but also the needs of your workers.
As an employer, it is important for you to take the initiative in identifying these issues in the workplace and finding a suitable solution for your company. For more information on how to lower financial stresses and increase productivity, call Bensol today.