employee stress Archives

5 Ways to Support Employees During the Holidays

by Trevor Duggins | Nov 14, 2023 | Blog

5 ways to support employees during the holidays. Holiday stress can cause big problems for your workforce. Here are 5 ways to support employees during the holidays.

While the holidays should be a restful and celebratory time of year, they can also introduce financial stress into the lives of many employees. Between the cost of gifts, holiday dinners, long-distance travel and hosting family, your team may face significant holiday costs. In a survey from the American Psychiatric Association (APA), 31% of adults said they expect to feel more stressed during the upcoming holiday season compared to years prior.

Luckily employers can take steps to support their workers during the holidays and keep the season merry.

1. Make flexible schedules the norm.

The ability to shift schedules is one of the most valuable benefits employers can provide during the holiday season. Different people have different traditions, celebrations and customs, So, flexibility is vital for limiting stress. Whether your employees are hourly, salaried or gig workers, flex time can help accommodate everyone’s needs and save your team from major headaches.

In fact, according to Workable, 55.8% of US workers say the ease of integrating personal and professional priorities is a major benefit of having a flexible work schedule.

Flexibility allows your team to complete their work on their own terms, while still managing their own personal lives. This fosters an environment where work-life balance is valued but also respects your team’s time and effort.

2. Encourage time off during the holidays

Taking time off during the holidays is important for everyone to recharge and spend quality time with their loved ones. But, many employees may hesitate to utilize their allocated time off.

According to Pew Research, nearly half of workers say they’d worry about falling behind at work if they took more time off. However, this mentality can lead to increased levels of employee burnout, which has severe consequences for teams. In a Deloitte study on burnout, 91 percent of respondents said that having an unmanageable amount of stress or frustration negatively impacted the quality of their work. 83 percent of respondents said burnout from work could even negatively impact their personal relationships.

Limiting burnout can also help with employee retention. According to the same Deloitte survey, nearly half of millennials said they have left a job specifically because they felt burned out.

To support your employees, actively encourage them to take advantage of their vacation days and spend time with their loved ones.

Prioritizing a healthy work-life balance will help your employees feel comfortable using their paid time off without fear of judgment. A supportive work environment helps you keep your best talent.

3. Promote your existing mental health services.

Employers should take proactive steps to support their staff’s mental health all year, but the holidays can be especially tough for some. Take the time to promote any mental health resources and short-term benefits you offer, as they can be most important at the end of the year. According to an APA survey, 38% of people said their stress increased during the holiday season, which can lead to physical illness, depression and anxiety.

These benefits can help improve these symptoms and get your workforce into a healthier place for the new year.

4. Ask about employee goals for the new year.

Supporting your employees might also mean discussing their long-term career goals, especially if productivity dips at the end of the year. A Robert Half survey of more than 2,700 U.S. workers found that 30% of respondents saw difficulty balancing work and holiday obligations. Engaging in a conversation about future aspirations is a great way to organize your workforce and help refocus. Asking about goals can also provide clarity for your employees and shift your team’s thinking past their everyday tasks. These conversations can be great opportunities to set achievable goals and prepare for the new year together.

5. Prioritize financial wellness during the holidays and beyond.

The holidays can be an expensive time for all of your employees. Between gift-giving, decorations, travel and higher utility costs, this time of year often sets people back in their financial journeys.

In fact, the Money and Holiday Mental Health survey from 2022 found that as consumer prices have continued to increase, 55% of millennials felt more stressed about the holiday season. However, programs like Best Money Moves offer effective solutions to their financial concerns. With budget tools, calculators and other resources, the right system can get your employees back on track in time for the new year.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being.

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget.

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.

2 Top Tips for Increasing Employee Productivity

by LizStevens | Apr 9, 2019 | Blog

2 top tips for increasing employee productivity. Recent research from Cigna highlights rising employee stress and two areas employers can target to minimize worker stress and increase productivity.

Stress was identified as a key employee health problem in the 2019 Cigna 360 Well-Being Survey. Over 80 percent of workers say they’re stressed and almost 15 percent say they’re unable to cope. The top stressors are personal finances, workloads and health concerns.

Stressed out employees don’t think employers are helping much. Close to 40 percent of workers say no stress management support is provided and only 30 percent receiving stress management support from their employer felt it was adequate.

It’s a serious issue. Studies have shown that employees lose sleep, are distracted at work, have higher rates of absenteeism and are more likely to have health problems when under stress.

Improve Work Culture for Better Employee Productivity

“There is a real need to resolve the ‘always on’ culture before it escalates further as it is negatively affecting the global workplace,” says Jason Sadler, President, Cigna International Markets.

More than 60 percent of employees work in an ‘always on’ culture where they feel the need to constantly access work emails, attend work calls or check mobile phones for work purposes. Workers report a decline in their physical health as a result of not having enough sleep and exercise.

Most employees feel that employers are not addressing wellness concerns sufficiently and often have a ‘one-size-fits-all’ mindset when it comes to stress management and workplace wellness programs.

Make Employee Wellness Programs Work

There are two specific employee populations that don’t feel like their workplace wellness program addresses their needs.

Half of the ‘sandwich generation’ (defined as those between 35-49) feel senior management doesn’t seriously support workplace wellness programs. Having to care for both aging parents and growing families is taking its toll on this generational cohort. More than half of those in the sandwich generation indicated there isn’t a workplace wellness program in place to address their needs, including but not limited to flexibility at work, enhanced company settings and special leave arrangements.

Over half of working women feel that workplace wellness programs need to better address the specific needs of each gender. They see an unmet demand for customized wellness programs that support flexible working hours, establish breakrooms where employees can relax, give the flexibility to work from home/elsewhere outside of the office, provide special paid leave and bolster job/employment security.

The best workplace wellness programs have various components so employees can choose the wellness benefits most relevant to their specific needs. Employers who prioritize stress management through effective wellness programs are likely to reclaim some of the employee productivity lost to stress by way of distraction and absenteeism.

More on Employee Productivity:

Do Flexible Work Schedules Work?

Know the Warning Signs of Employee Burnout

Help Your Employees Get More Sleep!

What Tops Financial Stress for Employees?

How to Raise Productivity and Employee Wellbeing in One Shot

Zombie Employees: Who Are They and What Do You Need to Know?

How to Support Mental Health at Work

Want to Reduce Your Employee Healthcare Costs? Start by Reducing Employee Financial Stress

by Josh Watkins | Jul 19, 2018 | Blog

Smart employers know that being proactive about the flu season can aid the bottom line by keeping employees healthier and reducing sick days. But they may not realize that becoming proactive about employee financial stress can also boost productivity and profitability.

“The latest studies show that when you’re stressed you get sick. And, when you get stressed about money, you can get really sick,” notes Best Money Moves Founder and CEO Ilyce Glink.

A Propeller Insights study of more than 1,000 U.S. adults found that 30 percent reported feeling “constant stress” about money, while 85 percent were “sometimes stressed.”

The American Psychological Association reported similar results in its latest “Stress In America” report. About one-third of respondents fear unexpected expenses. Thirty-percent experience stress when thinking about saving for retirement, while 25 percent find the ability to pay for life’s essentials stressful.

“The impact of financial stress is pervasive, negatively affecting not only the employee’s financial well-being, but also their physical well-being, engagement, productivity, absenteeism and even loyalty,” PwC wrote in a special 2017 report on stress and the bottom line. “All of these factors can come at a considerable cost to the employer.” For a company with 10,000 workers, the productivity cost of such distractions is estimated at $3.3 million per year.

It is well known that stress harms people via negative reactions on the body, mood and performance. Issues can be as short-term like a headache or more involved, such as sustained drug and/or alcohol use.

The APA reported more deeply on how stress affects each body system:

Musculoskeletal. Muscles tense up as almost a reflex reaction to stress. Chronic stress can possibly trigger other reactions such as a migraine.
Respiratory. Stress can make a person breathe harder, possibly leading to asthma or panic attacks.
Cardiovascular. Stress can cause an increase in heart rate and stronger contractions of the heart muscle. Eventually blood pressure can rise and, in serious cases, this can lead to an increased risk of hypertension, heart attack or stroke.
Endocrine. When the body is stressed, so-called stress hormones can affect the adrenal glands, cause the liver to produce more glucose, a potential issue for those vulnerable to Type 2 diabetes.
Gastrointestinal. Stressed individuals may eat more or less than normal. Stomach aches become more likely and chronic stress could lead to the development of ulcers.
Reproductive. In men, chronic stress can affect testosterone production and sperm production and maturation. For women, stress can affect menstruation, fuel PMS or cause fluctuating hormones.

Employers have long offered on-site gyms or discounted membership to help reduce stress. Others have enhanced employee benefits with boosted vacation time and emphasized work-life balance.

But more are offering financial wellness platforms that go beyond helping plan for retirement.

PwC suggests that employers look to “change both money attitudes and everyday behaviors that have lasting effects.” When this mantra becomes part of company culture, employees see their peers facing similar challenges and benefiting from a company support system that, according to PwC’s study, helps get spending under control, pay off debt, save more for major goals, better plan for retirement and/or better manage healthcare expenses.

This post was written by guest author, Chris Hardesty, who is a financial writer.

Your Employees Are Stressed About Healthcare Costs. What Can You Do?

by Leah Rosen | Feb 19, 2018 | Blog

Healthcare costs are the leading cause of financial stress for 17 percent of Americans, according to a 2017 Gallup poll gauging household stress. As uncertainty around the fate of Affordable Care Act mounts, this stress is only getting worse for your employees – and more expensive for your business.

Fifty two percent of male employees and 58 percent of female employees worry about becoming ill and not being able to work anymore, according to the 2017 Workplace Benefits Report. Financial stress leads to lower productivity and higher rates of absenteeism – this stress is even causes physical illness among some employees which only compounds the problem.

What can you do when healthcare costs leave your employees financially stressed? Try these 5 strategies:

1. Understand which healthcare-related stressors are affecting your employees
Your employees may be feeling massively stressed about their healthcare, regardless of their employee-sponsored benefits programs. The costs associated with monthly coverage, the difficulties of navigating confusing plan options and the weight of outstanding medical bills continue to stress out employees. Talk with your team as well as your HR department to determine exactly how healthcare may be contributing to your employees’ stress levels. This will allow you begin taking the appropriate steps to resolve these healthcare-related stressors.

2. Reassess the healthcare resources you already have
Once you understand the root cause of your employees’ stress, begin to review the healthcare resources you already have in place to help them. It may be time to diversify your approach. Reach out for external resources in order to analyze existing data.

Request assistance and information directly from your company’s insurance provider and its agents.
Reach out to company-linked financial advisors for relevant employee data
Access your company’s existing financial wellness programs in order to evaluate your employees’ stress levels, major financial concerns and overarching long term personal and professional goals.

If your company doesn’t currently retain all three of the above, it’s time you change that. These professional services assist you with educating yourself and your employees on how to maximize their healthcare benefits.

3. Provide your employees with the tools they need to educate themselves.
Your employees want to take control of their financial stress – many of them just don’t know where to start. Do your employees know the difference between an HMO, PPO, EPO, or POS? Between a copay and coinsurance? Do they understand how the size of their deductible will affect their monthly payment? Do you?

Improving employee literacy around healthcare is paramount to reducing employee stress and improving both their healthcare usage and your company’s savings. Look for tools through your insurance provider and if you don’t have one already, finding a financial wellness platform that will break down complex laws and regulations into readable, consumer-friendly language. By empowering your employees to take an active and supported role in researching their options, you’re helping them make educated and informed decisions. This translates into nearly $409.38 in savings for your company – per procedure, per employee.

4. Help your employees stay on top of recent changes to the healthcare system.
Healthcare stress is the highest it’s been since 2007, according to the same Gallup poll. This rising stress is tied in no small part to the uncertainty surrounding the future of the Affordable Care Act and what legislation might take its place. Whether your employees are receive insurance through you or the open market, stay aware of the changes happening in the world of healthcare – and make sure your employees do the same. Encourage employees to be proactive in gathering their own healthcare information. Task HR with maintaining effective outreach strategies including email updates, written literature in clear, readable language, face-to-face meetings and regular surveys. Host recurring employee workshops or lunch-and-learns to catch employees up on the latest changes to their plan options. Keeping employees up-to-date on the latest changes to their healthcare will cut down on employee stress, keep you connected with your workforce and keep your company’s overhead in check.

5. Make sure your employees are using the healthcare resources you already provide.
Employee benefits are useless if no one uses them. Employees who understand and utilize their benefits are more likely to be satisfied with their employer and recommend their organization as a good place to work, according to research from the Society for Human Resource Management. Yet, 80 percent of employees don’t even open the benefits materials given to them and of those who do, less than half don’t fully understand the benefits options available. In-person communication is the best way to cover confusing, and often changing, healthcare benefits. Make sure that resources about provided benefits – and about healthcare in general are easily accessible online.

Increase your employees’ access to their benefits resources. Create an environment that allows you to ensure that your employees are less stressed and more productive. That’s good for the health of your employees – and your business.

Financial Stress and the Workforce: Your Employees Are Worrying About Money Troubles

by Ilyce Glink | Sep 28, 2017 | Blog

In this week’s Best Money Moves roundup, we take a look at news stories and new research studies that may impact employee benefits and HR issues. We hope you find this news roundup helpful, and we’d love your feedback.

Your employees are worrying about money. And, they’re spending a lot of their working hours each month distracted by financial stress.

It’s widely accepted that financial stress has permeated the workforce. Human Resources professionals discuss the effects of financial stress, including everything from lower levels of productivity and retention to higher costs of healthcare, higher levels of workplace accidents, and more unexplained absences.

Mercer, a global consulting company, recently published a new study, Inside Employees’ Minds: Financial Wellness. After surveying more than 3,000 employees, Mercer concluded that employees spent an average 13 working hours each month thinking about their financial troubles, while 16 percent spent more than 20 working hours a month worrying about their personal financial stress.

That means they’re not thinking about the company or focusing on their job. The study concludes that these lost 13 hours per month is “enough of an incentive for employers to help employees address financial concerns.”

The company has created a Mercer Financial Wellness Index to measure and assess an employee’s overall financial wellness. Those with lower levels were preoccupied with paying their monthly bills and those with higher levels were preoccupied with retirement, the study found.

The study also found that some of those employees who are the most stressed earn a significant amount of money. “As measured by the Mercer Financial Wellness Index, 14 percent of those in the two lowest financial wellness groups have household incomes of more than US $100,000.”

The study concluded that traditional means of financial education, often referred to as financial literacy, isn’t enough on its own. Using a program that focuses solely on education won’t help employees reduce financial stress. Successful programs must have the ability to personalize to an employee’s needs and individual financial stressors.

Mercer concluded that finding programs that create “financial courage” will help employees engage in issues at a deeper and more meaningful level, and they have created the Mercer Financial Courage Index to try to help employers engage in financial wellness.

Read Inside Employees’ Minds: Financial Wellness.

Ilyce Glink is the Founder/CEO of Best Money Moves.