Employee burnout in 2023: 3 key benefits to help. Help your employees fight back against burnout in 2023 with these 3 solutions.
Burnout remains a persistent problem for today’s employees and can have significant consequences for health, mental well-being and performance. A recent Slack survey found that 43% of middle managers reported burnout in 2022.
Luckily, the right wellness tools can help your employees manage their level of burnout and stay on top of their game. Here are three benefits your business can provide to keep employees happy and healthy.
3 Top Benefits to Help Fight Employee Burnout in 2023
Burnout is the physical or emotional exhaustion that stems from taxing work environments or difficult outside circumstances.
Burnout might occur when someone is forced to work long hours at a stressful job over a significant period of time. These factors might affect people in a multitude of ways in the workplace, including increased fatigue, irritability and a lack of motivation.
Here are three key benefits that can combat burnout among your team.
1. Invest in comprehensive financial education.
Financial stress is one of the most widespread determinants to an employee’s mental health. The 2020 pandemic caused a global financial crisis that still has lasting effects to this day. With a looming recession and inflation increasing living expenses, financial stress is not uncommon for employees around the country. With the added strain, many workers experience elevated levels of burnout.
Financial education plays a crucial role in promoting wellness and limiting stress in the workplace. In a study conducted by TalentLMS, 68% of employees said they were more likely to stay longer at their current job if their employer offered them financial wellness benefits.
By providing education programs, workshops and resources, you can help your employees gain the knowledge and skills they need to manage their finances effectively. These skills include budgeting, debt management and advice on career advancement.
2. Tackle employee burnout head-on with mental health resources.
Burnout also leads to detrimental effects on employee mental health. In a recent survey conducted by Bankrate and Psych Central, 42% of respondents claimed that money was negatively impacting their mental health. The stress of possibly losing a job, being unable to pay bills or having issues supporting a family can be taxing for anyone, but are especially difficult without the proper resources.
This is why mental health initiatives in the workplace are vital for creating a positive work environment and supporting the overall well-being of employees. They are essential for employees to be productive, engaged and able to handle the demands of their job.
In fact, according to a 2022 American Psychological Association study, 81% of employees agree that how employers support their mental health would be a factor in choosing a job.
The option for flexible working conditions is similarly cited as an important factor to consider when creating an environment that supports mental health. These schedules can allow employees to complete tasks on their own time, limiting stress and burnout. In a Skynova study that surveyed 1,000 work-from-home employees, 9 in 10 workers said that a flexible schedule can help businesses retain top talent.
3. Use DEI initiatives to broaden your impact for all employees.
Inclusivity in the workplace ties directly into the rates of burnout that employees feel. According to a Gallup poll, employees who strongly agreed that they are accepted and valued in their companies were 52% less likely to be feeling high levels of burnout. Also, those who reported feeling like a valued member of their team are 57% less likely to be experiencing burnout.
In a 2022 ICIMS study, 89% of the 1,000 employees surveyed said that DEI in some form was important to them. The study also found that 56% of respondents were more likely to work for an employer that promotes diversity in the workplace.
Providing wellness benefits is an excellent way for you to improve the overall well-being of your employees. By focusing on these initiatives, you can create a significantly more engaging environment for your employees that limits burnout. These benefits can also improve retention, as your employees will feel valued and supported.
Help your team fight employee burnout with powerful financial wellness tools from Best Money Moves.
Best Money Moves is a financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As a comprehensive financial wellbeing solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing, regardless of one’s income level and background. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age and financial background.
Whether it be college planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.
To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.