Financial stress at work affects employees’ health and it costs businesses billions each year.
Employers can save money and create a healthier workforce by addressing it. The right tools can lower insurance premiums and reduce absenteeism.
Health Side Effects
Cardiac problems lead to financial stress. Not knowing how you’re going to pay your bills can lead to higher blood pressure and a higher resting heart rate.
Money pressures can also make it difficult to stay focused. PWC reports that employees’ personal finances are their top source of anxiety.
Finally, stress at work can affect metabolic rates. An irregular metabolism causes heart disease, weight gain, and more.
Insurance Premiums
As a result, health problems can mean higher insurance costs for employers.
Financial benefits programs can be a front-line solution to keeping employees healthy. Employee stress costs Americans billions of dollars each year in healthcare costs.
Employers pay thousands each year to cover their employees. When those costs rise, it can have far-reaching effects.
Absenteeism and Productivity
The biggest problem is that financial stress at work affects job performance.
Employees spend time at work worried about their financial problems. This adds up to billions in lost revenue and productivity.
And when employees feel stressed, they’re more likely to skip work to deal with it.
Financial Benefits Platform
All of this stress costs businesses billions each year. But with the right financial wellness and benefits program, you can help you target employee stress. Employers can save money and create a healthier workforce by addressing this stress.
Targeted elective benefits and education can help employees manage their finances. Employees can learn about how to address their stressors and get the tools they need.