Employers across the country are starting to notice that the stress of personal finances can spill into the workplace in the same way as poor physical health according to a recent story on FoxBusiness.com (http://www.foxbusiness.com/personal-finance/2011/02/03/financial-literacy-shares-spotlight-health-wellness/). Despite the recovering economy, the Mercer Annual Workplace Survey and other polls are showing that as many as ¾ of Americans say that money causes them stress.
Financial stress can show up in the workplace in several ways including absenteeism and tardiness, much like the workplace problems associated with poor physical health. According to Mark McAvoy from the Society for Human Resource Management, stressed out employees spend an average of about 20 hours a month dealing with their financial situations. “This equals about 30% of our 40 hour work week and includes time to go to the bank or call the debt collector from the office,” said McAvoy.
To counter the bad effects of financial stress on a workforce, companies like Prudential are tackling the problem in the same proactive way that they handle physical health issues. During the financial collapse in 2009, Prudential developed a Personal Budget Coaching program which connects an employee with a personal financial coach to do an analysis and develop a budget. Mercer partners with a third-party vendor, Financial Engines Inc., to offer employees professional management and provides a do-it-yourself investment option.
Have you noticed financial stress affecting your employees? How have you reacted to it? Have you taken any proactive measures to help your employees be more attentive at work? Would love to read your feedback in comments below or on Twitter @DebraWein, #wellnessworkdays.
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