Financial wellness is something that you think of as being a personal issue. Is that individual in control of their financial situation, and if they aren’t, then surely it is their own issue and not the company as a whole who has a problem. Unfortunately, it is not that simple.
A person who has financial worries is not going to be able to perform at the highest level, given the fact that their attention could be elsewhere. Specifically, their mind and energy are being diverted to their own situation. According to research, a third of all employees say that they get distracted by their own personal financial situation while they are at work.
Out of those employees who have their attention on their own personal financial woes, 46% spend at least three hours every week trying to solve their own problems rather than concentrating on their job or trying to do better work. Luckily big business is sitting up and taking notice.
A recent report shows that 84% of companies now have financial security programs. These programs could be life changing for many employees as they include access to debt management tools and even student loan counseling in their financial well-being offerings.
It’s not just people concentrating on other things rather than their work that is the problem. Stress can have a huge effect on a human being, and that often makes them ill. Employees are taking time off work due to the fact that they are so stressed that it makes them too sick to come to work. Time off means less employees which in turn means strain on the company.
It seems that happy and financially secure humans working for a company are better off individually as well as a collective. Making sure that the people who work for the company have the tools needed to be better off and get ahead in life is not only a benefit for the employee but for the employer as well.
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