Your Employees’ Financial Stress May Adversely Affect your Company’s Performance

(NC) Money worries are the first source of stress for Canadians. It’s their main concern, before health, work and family obligations.

According to a Canadian Payroll Association’s employee survey, almost half of working Canadians admit that stress related to personal finances has an impact on their performance at work.

There are many sources of financial stress, which may include a high debt level, living from paycheque to paycheque, managing family expenses, difficulty of saving to reach short- and long-term objectives, and so on. This can affect employees, regardless of their income and age.

Fortunately, there are resources you can use to reduce the impact that financial stress may have on your employees. When you introduce financial wellness programs in your work environment, you can help your employees alter their behaviours and set financial objectives, such as establishing a budget and creating savings or debt reduction plans.

Use the tools and resources available on the Financial Consumer Agency of Canada website. It’s a comprehensive, no-cost and impartial resource that provides detailed information on how to set up a financial wellness program. You can adapt it to your employees’ specific needs and to the nature of your organization or company.

Some benefits to investing in your employees’ financial wellness include better mental and physical health for your employees and lower stress levels. Higher productivity for your company is another advantage, as your employees will be less distracted at work and their performance will improve.

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