How do you know if your employees are financially stressed?
Financial wellness is a major contributor to overall employee well-being, but it often flies under the radar. As an HR leader, you want to keep your team happy, engaged, and productive—but how do you know if they’re financially stressed? Here are five key indicators that can help you assess if a financial wellness program could make a difference in your workforce.
1. Increased Absenteeism
It’s no secret: financially stressed employees take more sick days. Why? Stress impacts physical and mental health, leading to everything from headaches to burnout. If you’ve noticed a spike in absenteeism across your team, financial stress could be a hidden factor. A financial wellness program might help employees feel more in control, leading to healthier attendance.
2. Low Engagement and Focus
Is the team not quite “in the zone”? Financial stress is distracting. Employees who are worried about paying bills or tackling debt aren’t bringing their full focus to work. If you’re seeing less engagement or lowered productivity, it might be time to think about financial wellness resources. Providing financial guidance can ease their worries, giving them the mental space to concentrate on the job.
3. Frequent Requests for Salary Advances or Loans
It’s one thing to have the occasional request, but a pattern of employees asking for salary advances or loans could be a red flag. When people feel financially secure, they’re less likely to need short-term help to get through the month. A financial wellness program can teach budgeting and saving techniques that empower employees to manage their finances independently.
4. Turnover Rates on the Rise
When financial stress goes unaddressed, employees might look for better-paying opportunities to alleviate their worries. High turnover costs the company time, money, and productivity. Supporting employees’ financial well-being can improve retention. After all, employees are more likely to stay with a company that cares about their entire well-being, not just their work performance.
5. Survey Results Highlight Financial Concerns
Lastly, pay attention to what your team says in engagement surveys. If financial stress or concerns around benefits and compensation keep coming up, it’s a clear sign that employees need more support. Offering a financial wellness program shows that you’re listening and responding to their needs, which boosts morale and engagement.
Time to Take Action
If any of these indicators sound familiar, it might be time to introduce a financial wellness program. These programs can be tailored to fit your company’s unique needs and are often easy to implement. When employees feel financially secure, they’re not only happier but also more productive and engaged. Supporting financial wellness is a win-win that shows your team you’re invested in their long-term well-being.
In today’s work environment, financial wellness isn’t a “nice to have”—it’s essential. By recognizing these signs and taking action, you can create a workplace where employees feel valued, supported, and ready to thrive.