It may well be an employer’s market when it comes to selecting from a sea of possible candidates, but the value of keeping talented, knowledgeable, and engaged employees isn’t easy. Loyalty and trust must be worked on consistently and deliberately.
With so many conflicting stressors and distractions in an employee’s life, it may seem challenging what to address first. Following the results of the 2020 Sanofi Benefits Survey where personal finances at 39 per cent reflect the number one cause of stress for Canadian workers, this seems to be a good place to start.
Like an iceberg where the bulk of the mass is under the waterline, stress related to finances can consume an employee’s thoughts, beliefs, and behaviour in ways that aren’t openly discussed or immediately apparent. Unacknowledged and unsupported, this stress may create significant hardship for the employee and the organization.
Check out this 14-minute TED Talk with Financial Coach, Tammy Lally, entitled, Let’s Get Honest About Our Money Problems.
The reality is that no one wants to talk about their money problems, but they continue to worry about it. This ongoing worry leads to mental health issues such as depression and anxiety.
According to the Financial Health Institute, it is a “condition that is the result of financial and/or economic levels of scarcity, and is accompanied by a psychological stress response.”
According to the 2021 PwC Employee Financial Wellness Survey, finances are the top cause of employee stress — more than job, health and relationship stress combined. Sixty-three per cent of employees surveyed said their financial stress has increased since the start of the pandemic.
As with mental health, there remains a stigma associated with financial stress. People would rather talk about any other topic rather than discuss their financial woes. Unchecked, this type of stress leads to poor health and lifestyle choices, fatigue, headaches, insomnia, irritability, lack of concentration, higher rates of absence, and more. Financial stress is a personal and organizational drain.
While it isn’t the primary nature of an employer’s business, taking care of their employees provides a direct and positive correlation to taking care of customers. Employers can provide resources, education, and financial support to stem the tide of this unspoken form of stress.
Here are some tips to foster employee loyalty through information and education that are intended to reduce and eliminate financial stress in your workplace.
When you invest in the matters that worry your employees the most, you show you care and it fosters an environment of trust and loyalty that is immeasurable. Address employees hidden pains by making resources easily accessible, fun, and free.
When employees feel more financially prepared, they will be more confident, focused and productive. It is a win-win situation for employee and employer.
We’re here to help you. Please contact us at firstname.lastname@example.org. Let’s work together and create solutions that work best for you and your organization.