Employees are becoming distracted from their work by increasing financial strain and may need help, researchers say.
Workers and employers both experience the consequences of this problem as workplace productivity may be falling in some cases. About 61 percent of respondents to a recent survey indicated their financial situations are stressful, with more than half reporting stress has grown over the past 12 months, according to Human Resource Executive Online. More than one-third said they are growing more distracted by their personal finances at work, and 97 percent said they spend some time on the job either considering or acting on their personal financial situations.
This situation can lower productivity and interfere with efforts to strengthen employee health and wellness at the same time. As these issues may encourage more workers to carry debts, they also lead to worries about retirement, paying for childrens' education and job security, which can pose further distractions.
Research suggests that employees with financial concerns are much less productive at work, which has led some companies to offering financial advice, planning tools and similar assistance. While less directly helpful than insurance coverage, such employee benefits can have a significant impact, the news source notes.
Helping employees with their finances
Experts say that offering tools is not sufficient to reach workers, however. In order to provide meaningful assistance, employees may need to have a support structure to consult. Without that, they may not be able to make effective use of the financial tools and resources available to them.
Firms seeking to provide education or advice may get the best results if they begin by surveying their workers to determine what their precise needs are, experts told the news source. Issues such as retirement planning and credit may be more important depending on the firm and its employees. Sound employee benefit plan administration and human resource management depends on understanding the workers affected.
Relatively few employees may use educational and advisory resources without an expert to guide them, the news source notes. Having someone to fill the role of advisor, on the other hand, could help them develop the confidence to use those resources, as well as providing expert assistance in financial planning. This might also enhance loyalty to the firm and build internal relationships.
