How to reduce financial stress in the workplace
Society for Human Resources Management (SHRM) Hawaii Chapter, Co-Founder of The Social Media Boot Camp Workshop for Hawaii’s Employment Professionals, and Rainmaker At Smartsearch Applicant Tracking Software
Financial stressors not only negatively impact employees but are costly for employers as well. According to a recent PwC Employee Financial Wellness Survey, stressed employees are found to be less productive, take more time off from work to deal with their finances and are more likely to cite health issues caused by financial stress. The following are some steps to take to decrease financial stress in the workplace and improve overall work performance.
Q. I feel depressed about my finances and find it difficult to focus on my job. What can I do?
A. Many employers offer physical wellness programs to help workers deal with anxiety and stress, and this often incorporates financial-responsibility training. Plenty of people simply do not know how to best manage their money; this is where education can help. Ask if your company benefits program includes financial-management training or offers reimbursement for these types of classes.
Q. I feel overwhelmed by student debt. How can my employer help?
A. The burden of financial stress is something many young people carry as they enter the workforce. Again, education is the key here — with education comes confidence. When you feel more in control of your financial state, you’ll feel good about your work and other things in your life. Ask your employer about participation in the company’s 401(k), as well as any available bonus-pay programs or career paths to higher wages, and continued education assistance for personal finance-management training.
Q. How can I be sure I’ll be able to afford a comfortable retirement?
A. In a recent Charles Schwab survey of 1,000 401(k) participants nearing retirement age, it was reported that 24 percent of workers felt more stressed about retirement finances than job security. With the assistance of organizations that specialize in employee wellness and benefits plans, employers can offer informative programs as an ongoing and informal learning process. Ask your employer if your benefits package includes financial wellness programs or other paid incentives, such as company-wide financial learning retreats, lunch-and-learn workshops or paid-time-off to participate in financial training classes.