Ensuring employees perform to the best of their ability within the organisation they work for is a priority for employers, yet money worries can significantly affect an individual’s ability to concentrate fully in the workplace and carry out the functions essential to their role.
Seven in 10 employees admit to bringing their money worries into the workplace, according to research by AXA PPP Healthcare, and more than 10m employees (35 per cent) believe financial concerns are preventing them from achieving their potential at work.
Every year in the UK, 185m working days are lost due to absence. On average this amounts to 7.4 days per employee, per year at a cost of £692 per employee per year.
According to the CIPDs Spring 2010 quarterly survey, stress and anxiety often top the list of reasons for employees being absent from work. And, the number one reason for stress is money worries.
Every year 185m working days are lost due to absence
Employers who are able to successfully implement strategies for encouraging better money management amongst their staff members could see a significant reduction in money-related sickness absence. An organisation employing 10,000 employees, for example, could achieve an annual saving of £138,400 if they were able to reduce sickness absence by just 2 per cent. A 10pc reduction would result in an annual saving of almost £700,000.
Additionally, losing fewer working hours due to money worries interfering with normal duties could lead to much more substantial savings and, potentially, increased profitability.