Employers know that some of their employees have been or still are experiencing more anxiety than usual because of the COVID-19 pandemic.
A 2020 survey showed 70% of working adults were feeling more stressed and anxious than ever in their professional careers, noted forbes.com.
And the American Society of Employers reports that financial stress, in particular, can make employees less productive, as well as increase absenteeism.
The organization said over half of HR professionals surveyed were seeing an increase in their employees’ 401(k) withdrawals, often a sign of financial distress.
About half (46%) of workers ages 21-64 are concerned about the financial well-being of their households, according to Employee Benefit Research Institute. And two-thirds feel stressed when thinking about their financial future.
More employers are trying to help their workers by offering workplace financial wellness programs.
The Society for Human Resource Management said 62% of employers feel extreme responsibility for their workers’ financial wellness, compared with just 13% in 2013.
SHRM said employers are addressing issues like these:
- Saving for retirement (offered by 81% of employers)
- Planning for health care costs (71%)
- Budgeting (63%)
- Saving for college costs (55%)
- Debt management (54%)
“Over the last decade, we’ve seen a significant increase in the range of financial wellness programs, which have become an integral part of employer benefits offerings,” said Lorna Sabbia of Bank of America, as quoted by SHRM.
SHRM also pointed out that most employers believe employee financial wellness programs help create more productive, loyal, satisfied and engaged employees.