Financial Woes Takes a Toll on Work Performance
A new study by tech-driven insurance company, YuLife, has found that 70 percent of working adults in the US feel that worry about their financial wellbeing negatively impacts their performance. Companies that actively work to improve their employees’ sense of financial wellbeing boost a workplace’s appeal, and 66 percent of employees say that a company’s ability to support their financial wellbeing impacts their likelihood of applying for a job there. The findings are particularly important in this day and age, when inflation and rising rent and housing rates are making it difficult for many to pay their monthly bills.
Who is worried about financial stress
Worries about meeting financial obligations are not evenly spread among different age groups. Around 32 percent of employees say that financial stress is affecting their physical and mental health. However, the situation is worse among younger employees (aged 18 to 24), 63 percent of which are worried about financial issues. Workplaces seek to attract top talent must therefore embrace robust wellness initiatives if they seek to attract and retain top talent.
Top wellness initiatives in forward-thinking companies
Job search site, Monster, has published its list of top seven companies with epic wellness programs. Those that have made the list include Accenture, Asana, Draper, Google, Intuit, Microsoft, and SAS. Initiatives at these companies include education resources for smoking cessation, weight management, and fitness training; onsite fitness centers; physical therapy; and even massage therapies. Companies are also inviting professionals trained in holistic breathwork and other holistic activities to work with employees. These practices have a powerful effect to lower stress hormone levels, while also lowering heart and breathing rates. Controlled breathing is known to stop panic attacks in their tracks, while also helping with disparate areas such as sleep, immunity, and digestion.
Most workers don’t communicate financial stress to others
The study indicated that over half of all employees would be uncomfortable sharing information about their financial worries with other employees. Only 14 percent, meanwhile, would discuss this problem with their bosses or managers. The findings indicate that managers need to watch out for the signs of financial stress, so they can take necessary steps to nip it in the bud. Companies can support their workers’ financial wellbeing by ensuring their salaries rise in accordance with the cost of living, providing income protecting and health insurance, and letting employees know that they are open to feedback regarding fair pay for their work. They can also make a big difference by offering competitive salaries and benefits, providing financial education, offering financial wellness training, and allowing for flexible work arrangements. Employees who work part-time can find additional employment if required. Financial concerns impact the performance of US workers. Unfortunately, most employees are reluctant to speak to their managers about financial woes. Companies can help battle financial stress by offering their employees competitive salaries and benefits and helping battle stress through wellness and other initiatives. Keeping lines of communication is also vital for workplaces wishing to stay at the top of their game.
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