Financial Wellness Reduces Absenteeism
Financial Wellness Reduces Absenteeism - Some people would rather stay at home with their loved ones than come to work. This is called absenteeism. It is a big frustration for employers who end up having to pay someone else to fill the absent worker’s position, even if temporarily.
Absenteeism costs businesses up to $800 billion per year.
Employers feel the effects of their staff's financial health as well. Employees in stressful financial circumstances are less productive and less likely to remain at their jobs. Pat Milligan, Senior Partner at Mercer, found that 22 percent of employees report missing at least one day of work to handle financial problems, 15 percent reported spending at least 20 hours a month working on personal financial tasks at work, and a full 20 percent have had to resign due to financial stress.
Additionally, according to the Journal of Occupational and Environmental Medicine, one day of employee absence costs businesses an average of $348 in lost productivity. From that angle, ensuring workers are free from personal financial stressors can boost a company's profitability.
Financial Wellness Reduces Absenteeism - Stressful Workplace
Almost half the office workers surveyed said they were finding it hard to function properly and tackle their daily work. This was because of stress, anxiety and depression.
Working in a stressful workplace causes absenteeism. Financial stress is one of the main causes of this. People working in a hostile environment are more likely to have a higher level of stress and are therefore more likely to call in sick than those who do not.
There is nothing worse than when an employee can’t afford to pay their bills. Everyone knows what it is like to be frustrated, and it’s best to avoid spreading stress between your employees.
People with financial problems often struggle with absenteeism. Higher absenteeism costs lower employee morale and can spread to other employees.
Absence from work has a significant impact on productivity and morale. Financial stress can result in absenteeism, and if not managed its effects may also end up being felt by your entire staff.
Productivity Takes a Hit
The impact that financial stress has on employee absenteeism can be devastating for a business. Employees suffer, the business suffers and productivity takes a hit.
How your company deals with this, increases the company’s morale, which further improves the work environment.
Financial wellness programs clearly help reduce employee absenteeism, but what’s in it for the employer? Did you know that the cost per employee for healthcare as a median among all businesses is $3,600? If a company has 50,000 workers and half your workforce is gone for a day, that’s $1.8 million in lost revenue. Plus, you probably have to cover those absences.
Don’t let financial stress hurt your employees! Employees who are invested in their companies have lower absenteeism rates.
Financial Wellness Reduces Absenteeism - Boost Worksite Productivity
Financial wellness programs help you reduce the costs of absenteeism by showing your employees how to take control of their money. Businesses who implement financial wellness programs experience a 14% reduction in days of absence.
Good health benefits are also valuable for helping your employees cope with increasing financial pressures. With the right program, you can help reduce absenteeism and promote overall health.
Boost worksite productivity and reduce absenteeism with financial wellness programs that improve your employees’ health by helping them get a better understanding of their finances and getting control of their money.