âAn employee who doesn’t lose sleep comes to work with more energy and productivity levels generally increase while absenteeism is lower. This translates into higher productivity, a better crop, less money spent by the employer.
Q: What is the impact of employees in financial difficulty on their workplace?
A: âOften they are unhappy, miss work or spend time at their workplace calling their bank; there are arguments in the household over bad payments or inability to pay rent, and these are major distractions in the workplace. Typically, with disgruntled employees, the quit rate is higher. Employers are constantly faced with “I need more money, I need a raise”. The root of the problem is not resolved and it has a direct impact on mental well-being.
âSo it is very important for employers to understand this and provide programs not only with benefits, health plans like a gym membership, but also to understand that providing programs, luncheons, webinars , things of this nature, to be left with the employee. they know the resources are available to help them cope and plan for their goals and needs.
The number of employers who feel extremely responsible for the financial well-being of their workforce has risen sharply over the past decade, according to a US study.
Q: How can employers encourage financial well-being?
A: “[Offer] programs that help them budget and teach them the importance of debt management planning. Many of the problems we face when it comes to financial stress are due to the fact that Canadians are heavily in debt. Many benefit programs offer employee assistance programs, which is obviously a good thing, but it does require the employee to pay something.