Helping your team
As CEO or an HR professional you want to step up and help your team to reduce the impact of financial stress in their lives. You recognise that for many of your employees, financial stress in their number one stressor, and you see the negative impacts of this on your team and on the business.
Once upon a time employees’ personal finances used to be hands-off for employers. So too did mental health issues. Thankfully we are seeing a shift in business attitude amid continued recognition of the key role employers can take in helping employees to tackle these issues. Worldwide, increasing numbers of employers are turning to financial wellbeing programs to help employees to reduce the impact of financial stresses on their personal and professional lives.
Money is still a taboo subject in many circles
Employees are usually reluctant to openly discuss these issues. But it does not mean the issues are not there. Financial stress can manifest itself as anything from depression and anxiety to migraines, ulcers and heart issues, leading individuals to be less engaged and productive and resulting in higher rates of absenteeism and presenteeism at work. These impacts are felt at an individual, team and organisational level.
COVID has shined the light on the importance of supporting employee wellbeing. Unfortunately COVID is also creating a more uneven playing field financially speaking, and may making identifying the problem more complex.
This means it’s an ideal opportunity for you to act, now!
Employers are in a trusted position to help by providing financial wellbeing programs and incentives to participate. You can also assist by developing better relationships with your team, fostering good relationships between managers and employees, where they can feel more open about communicating these issues.
In the US the National Business Group on Health survey found nearly a third of employees (32%) cited financial health as the one dimension of wellbeing they would like their employers to address more than they do today. When it comes to mental health, 27% of employees are looking for more support. According to the survey, employer investment in multiple dimensions of wellbeing also correlates with higher levels of employee wellbeing.
“The message from employees to their employers on wellbeing is loud and clear,” said Brian Marcotte, president and CEO of the National Business Group on Health. “Employees are looking to their employer to provide support on all areas of wellbeing, designed to help employees meet their financial, mental, community and social-health goals.”
I couldn’t have stated it better than Robert Stewart, HR administrator and lecturer of ‘Money, Stress and the Marriage relationship’ at Brigham Young University of Idaho, when he said,
“Provide some good assistance to your employees. If nothing else, do it because you have a big heart and you care about your employees. But it really makes a big impact on your bottom line as well.”