A recent article in HR Professionals Magazine states that finanically stressed employees cost employers a bundle. An employee who is distracted by personal financial hardships becomes an employer problme when it impacts productivity, causes absenteeism, workplace accidents, and employee turnover.
A recent Harris Poll on behalf of Purchasing Power showed that employee’s personal financial problems are significant, and will negatively impact an employer’s profitability, as follows:
- 82 percent of employees working full time have financial stress
- 34 percent have trouble meeting monthly expenses
- 37 percent spend 2-3 hours per week at work thinking about or dealing with their finances.
The financial price on the employer’s success, and the human toll on an employee’s well-being, should be evaluated within every company. Employers who strategize and empower their employees with the financial tools to improve their situation will see a positive impact across the board.
Read The high cost of financial Stress on your employees online.