6 ways employee well-being is suffering during COVID-19

hiring.jobs.bloomberg.1.11.18.jpg

Six months into the pandemic with no clear end in sight, Americans are continuing to grapple with the effects of unemployment and job insecurity on their finances and well-being. As of July, the unemployment rate was 10.2%, and even those who are still employed have major concerns about their career stability.

According to a survey by personal finance information provider WalletHub, 33% of employees say they are concerned about their job security. These fears are leading respondents to be more cautious with their spending as the Labor Day holiday approaches. Many workers said they don’t feel comfortable going on with traditional activities associated with the long weekend, including travel and shopping.

“About one in three Americans worry about their job security, which makes sense considering the extremely high rate of unemployment in the U.S. right now,” Jill Gonzalez, WalletHub analyst says. “Women are less likely than men to be concerned about job security, even though recent data shows that women are losing their jobs at a greater rate than men during the COVID-19 pandemic.”

Coronavirus has impacted the well-being of employees across the U.S., forcing many to adapt to new routines around work and life. WalletHub rounded up the top concerns employees are facing this Labor Day weekend:

Benefits
Congress ended extra unemployment benefits on July 31, but 74% of people feel those benefits should be extended until the pandemic ends, according to WalletHub.

See Also: Helping employees regain their financial footing during coronavirus
Heavy workloads
According to the U.S. Census Bureau, nearly one-third of the U.S. workforce is now working from home amidst the pandemic. As work and home life meld together, workloads have increased for half of Americans, according to the WalletHub survey. By the end of March the average employee was putting in at least one extra hour of work per week, according to data from Clockwise, an intelligent calendar assistant.
Management
Having strong leaders during COVID is critical to the wellbeing of employees. However, 39% of employees surveyed by WalletHub say their higher-ups have taken advantage of their labor during the pandemic.

See Also: Bad managers are costing employers their workforce
Six feet apart
Concerns over safety are preventing many employees from wanting to return to work and engage in pre-pandemic activities. About 77% of Americans don’t trust others to be socially distant over the Labor Day weekend, Wallethub found.
Getting away
Unused PTO is affecting workplace productivity during the pandemic, and can lead to poor mental health and burnout. About 75% of Americans will not be traveling for the holiday this year.

See Also: PTO sharing is a generous perk, but could present tax concerns next year
Saving up
Financial concerns are top of mind for many employees, and more than half of the people surveyed said they have spent less money this summer than they did the summer of 2019.
MORE FROM EMPLOYEE BENEFIT NEWS