3 ways employee financial stress affects your company
Published April 17, 2014 9:32 AM
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Updated April 17, 2014 9:34 AM
1 Min Read
A lack of financial wellness among employees affects organizations in three critical ways, according to Purchasing Power, which compiled an infographic outlining the following statistics:
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1. Productivity
Twenty-nine percent of employees spend time at work dealing with financial problems. Forty-six percent spend one to three hours per week worrying about their finances.
2. Retention and benefits packages
Forty-nine percent of employees say that, because of the economy, they are counting on employers benefits programs to help with their financial protection needs.
3. Health care costs
Employees who have high stress levels due to financial debt have two times the rate of heart attacks, are three times more likely to have ulcers or digestive tract issues and have a 500% increase in anxiety and depression. Moreover, 26% of employees put off doctor visits due to economic conditions, potentially letting minor medical issues escalate into more costly problems.
4. Top employee concerns
Fifty-six percent of employees see no change or a decline in their financial health compared to one year ago, while 28% have trouble meeting monthly household expenses. Forty-four percent, meanwhile, do not have at least $2,000 in emergency savings.
