Declining Worker Productivity during Economic Distress
MBanes October 3, 2008
I recently read an article in Business Wire entitled Economic Worries Plague Workers. This article revealed how the average American employee is impacted by the recent economic distress. Workplace Options conducted a survey which reflects how stress is taking a toll in the workplace productivity due to anxiety over finances from a troubled economic climate. This national survey was conducted by
North Carolina firm of Public Policy Polling in which 711 adults were polled. Workers are stressed from ongoing housing crisis, retirement savings, gas prices, credit problems, and managing budgets. Dean Debnam, CEO for WPO states that “Financial problems affect emotional and physical health, and ultimately trickle down to the workplace.”
Survey data from the respondents list how the economy is affecting them:
- 50% of the respondents are stress because of financial concerns.
- 48% of the respondents revealed that stress makes it hard for them to perform well on the job.
- 33% of the respondents said that their retirement plans have been altered because of the economic troubles.
- 23% of the respondents admitted that the economy has changed their mind about buying a new home.
- 55% of the respondents will travel less for vacation this year.
Financial consultation services as a part of the work/life benefits programs will help employees manage their financial concerns. Employers need to recognize the value of financial consultation services to protect their bottom line. I believe that these types of services will reduce worker anxiety and maintain a high productivity in the workplace.
Posted in Human Resources Analytics
