Boost Productivity and Engagement With a Few Simple Solutions
September 5, 2019
Does employee stress affect your workplace? The answer is likely yes. That’s because nearly 80 percent of Americans frequently or sometimes encounter stress in their daily lives. It’s natural that some of that stress will show up in their professional life.
Unfortunately, highly stressed employees are less productive and less engaged, and they’re more likely to call in sick. That’s why reducing common stress triggers are vital to every successful business. We wanted to share research that shows what stress means for your employees and your business and explain how you can help.
How does stress affect your employees?
Stress has been shown to affect decision-making and efficiency at work. And stress is at the root of so many symptoms, including headaches, upset stomach and chest pain. And long-term stress at work can lead to chronic health conditions such as cardiovascular diseases, musculoskeletal issues and psychological problems.
How does stress affect your business?
The effects of decreased productivity and increased absenteeism at work are profound. Financially stressed employees miss almost twice as many days of work as their counterparts, and unscheduled absenteeism costs about $3,600 per year for each hourly employee. Increased stress is also tied to a decrease in employee engagement, which is a focal point for businesses that are leaders in retention, innovation and communication.
What is causing your employees to be stressed?
Nearly all of the most common stress triggers are related to finances and health. A recent survey found that money edged out health as the top concern for Americans. Another study determined that 44 percent of Americans said money was their No. 1 stressor. This is especially true of millennials, as 58 percent of people aged 18 to 34 say they’re too focused on living paycheck to paycheck to address their future financial needs.
What can you do to help your employees?
Fortunately, there are some simple steps you can take to alleviate your employees financial and health-related stress. These steps include:
- Making financial wellness part of your employee wellness program. By bringing in financial experts and providing educational materials on how to achieve financial peace of mind, your employees will feel more confident when managing their money and looking ahead to retirement.
- Offering a comprehensive employee benefits package that has tax-advantaged plans to make it easy for them to save money on medical expenses. Over half of Americans delay or don’t even seek healthcare because of money. By offering plans such as Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs), your employees can reduce their financial burden when they have eligible expenses.
- Providing your employees with the ability to participate in an HSA that’s integrated with their 401(k). That makes it easier for them to view both accounts as part of their retirement strategy, since the most common personal finance concern is retiring without having enough money set aside.
Would you like to learn more about how pairing an HSA with a 401(k) will empower your employees to effectively plan for retirement? Fill out the form below to get your free white paper.