The price of employee financial stress is far reaching. Stress caused by financial concerns can have a profound effect on your employees’ personal and professional lives, but did you know that it can also affect your company’s bottom line? Too much debt, a lack of savings, unexpected expenses, and low financial literacy are serious factors that contribute to employee stress. This results in companies incurring significant costs in 3 ways:
1. Absenteeism – Individuals with debt are 3x times more likely to have mental health problems such as depression and anxiety leading to less productivity and more absenteeism.
2. Theft – Financially stressed employees are more likely to engage in unethical behavior at work costing companies money.
3. Increased Healthcare Costs – Employee financial stress can cause a lack of sleep and/or exercise while also giving rise to harmful habits like smoking and drinking. This can lead to employees developing serious health problems like heart disease resulting in higher healthcare costs.
Supporting the financial well-being of employees is a simple way organizations can ensure their employees are less stressed, happier, healthier, and more productive at work. That’s why more businesses are now implementing financial wellness programs designed to help their workers manage their finances and mitigate the impact of employee financial stress at work.
Discover more about how the price of employee financial stress affects your company and how improve your company’s bottom line while helping your employees financially, contact us today: learn-more@brightdime.com
BrightDime is a financial wellness solution designed to alleviate employee stress. Combining data-driven money tools, unlimited financial coaching, and customized content, BrightDime helps employees gain control of their finances, while improving their overall well-being thus boosting business profitability.