Financial wellness programs are more popular than ever. Unfortunately, they aren’t able to remedy every financial stressor employees have because some financial issues stem from the workplace.
Employers should focus on both traditional financial wellness and addressing these key issues.
Bad Management
Bad management is often cited as one of the main reasons employees leave a job. 75% of employees say management is the worst part of their job.
Impulsive or demanding managers can create a toxic work environment. Bad management can be a big financial stressor if employees don’t feel like their job isn’t secure.
This makes employees worry they may not have a job long term. In some cases, employees may leave a job to get away from the stress.
Additionally, leaving a job can mean a lack of income and increased financial worry.
Layoffs and Industry Trends
Every business is susceptible to the effects of the economy. A recession or changes to consumer behavior may influence personnel decisions.
Employees may feel financial stress if their employer isn’t communicating a long-term vision or plan.
A salaried job feels less secure if employees think their company is struggling or they might get let go.
Scheduling Problems
Hourly employees are often affected by frequent shift changes. Employees may find it tough to work consistent hours, especially in hospitality or service jobs.
As a result, when employees don’t know their schedule or if they’ll get a certain number of hours, financial stress rises.
Employers should take steps to guarantee hours or create more consistent schedules. That way, employees can feel less stressed.
Financial wellness programs do little to address workplace issues that affect employees’ pocketbooks. Analyze your workplace and address problems that may cause financial woes.