How Financial Wellness Tools Improve Workplace Productivity
Financial issues play a significant role in our lives. From paying bills and managing debt to planning for the future, we face a range of financial challenges. Unfortunately, these issues seep into the workplace, affecting employee well-being and productivity.
The Hidden Burden:
Financial duress can be a significant distraction during working hours, consuming employees’ thoughts and diverting their attention from work. A survey by financial services provider SoFi at Work & HR research advisory Workplace Intelligence found that 86% of employees say their financial stress impacts their productivity.*
Consequences for Employees:
The impact of financial duress on employees is far-reaching. 84% of employees grappling with financial stress said it affects their job satisfaction.* This could be due to increased anxiety and reduced overall well-being. Constantly dealing with financial duress at work can lead to decreased productivity, impaired decision-making, and difficulty concentrating on job responsibilities.
Consequences for Employers:
Employers also bear the brunt of the financial duress experienced by their employees. The productivity loss caused by employees attending to personal financial matters can be significant. Moreover, financial stress can lead to increased absenteeism, higher healthcare costs, and increased turnover rates. Employers should recognize that addressing financial well-being can improve employee engagement, loyalty, and overall organizational performance.
Finding Solutions:
78% of financially stressed employees & 63% of non-stressed employees would be attracted to another company that cares more about financial well-being. And while 80% of HR leaders say they want to do more to help employees, 45% of employees say they feel their company is not concerned about addressing these stressors.*
To mitigate the negative impact of financial issues on workplace productivity, employers can consider various strategies. These include offering financial wellness programs, and access to budgeting tools that relieve some stress.
This includes EarnUp’s Payday to Payday loan payment platform.
EarnUp was recently recognized for the impact of its revolutionary technology, winning a HousingWire Tech100 award and a 2023 Innovator Award by Progress in Lending. It also made the Financial Technology Report’s Power 300 list, which tracks the most important companies in the financial technology sector, including PayPal, Mastercard and Fiserv.
*https://www.benefitnews.com/news/sofi-found-that-employees-have-high-levels-of-financial-stress
