Employee Financial Stress Peaks

Employers try to ease workers' rising financial stress with new benefits.

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Providing More than Paychecks   U.S. workers' financial stress hit a 10-year high in 2023. In fact, only 42 percent of U.S. employees rate their financial health as good or excellent, a 10-year low, according to a study released last year by Bank of America. Why should employers care? Because money woes affect workers' job performance. Employees who are struggling with their finances say these issues distract them while they're at work. Those who are worried about money are also more likely to leave for another job. Employers are trying to improve workers' footing by offering financial counseling, student debt repayment and emergency savings options. But big raises or bonuses typically aren't part of the response. And even though inflation has begun to fall and wages for many workers have started to outpace it, many employees continue to find it difficult to make ends meet. "Inflation is slowing, but it's not like we can just turn it off and all the prices will decrease and credit card interest rates are going to be cut in half," says Anthony Abbatiello, workforce transformation leader and partner at PwC U.S.   Read More     ADVERTISEMENT       5 Workforce Talent Trends for 2024   We identified the top talent trends affecting the workforce and businesses in 2024. Helping your organization navigate these trends will be the key to unlocking your talent's potential in the coming months. Develop strategies to navigate talent trends.       How Stressed Are They?   Financial stress impacts employees' well-being and productivity, and more than half of financially stressed employees are living paycheck to paycheck. How much do you know about these workers? Take the Quiz     Explore Further   SHRM provides resources to help business leaders understand and assist employees with financial challenges. Employee Financial Wellness Drops to New Low Although inflation has recently abated, employees' financial wellness is still suffering. Recent research goes even further, indicating that financial wellness is at an all-time low. Leveraging SECURE 2.0 into Greater Financial Wellness At first glance, the SECURE Act 2.0 has something for everyone. For employers interested in helping employees improve their financial well-being, these provisions can be a compelling starting point for establishing a new financial wellness program or enhancing an existing one. On-Demand Pay Broadens Workers' Financial Well-Being New payment systems are disrupting traditional weekly, biweekly and monthly payment schedules. As Open Enrollment for 2024 Neared, Employees Voiced Cost Concerns Ahead of open enrollment last year, employees were preparing for an increase in their benefits costs in 2024, with more worrying about rising rates. UK: How Can Employers Help Staff Experiencing Financial Difficulties? There are some simple things employers can do to reduce the financial burden on employees and ease the stress associated with financial concerns.     Every Saturday, All Things Work from HR Magazine provides thoughtful insights into the rapidly transforming nature of work and the workplace, and how HR, decision-makers and organizations worldwide are navigating and leading this change.       Connect with us on social!              1800 Duke Street, Alexandria, Virginia 22314 USA Contact Us | shrm.org This email was sent to manojdole1.Architectural@blogger.com. This email may contain advertisements. Unsubscribe or Change Email Preferences | Terms of Use | Privacy Policy © 2024 SHRM. All rights reserved.