Given what’s happening with COVID-19 domestically and internationally, today’s workplace is looking much different than it did even weeks or days ago. It’s a stressful time for everyone and the costs associated with stress in the workplace and mental health issues among employees continue to add up—in a big way. It’s estimated that workplace stress now costs employers $500 billion annually in the form of decreased performance at work or absenteeism, but those figures were calculated before the spread of COVID-19.
When employee attendance and performance decline, income typically declines, too (unfortunately, especially true for hourly employees), which, in turn, negatively impacts their financial health and overall wellbeing. In fact, one of the biggest financial stressors for many employees is the cost of health care. Consider these data points:
