Shaky Personal Finances Can Impact Job Performance
For the first time since 1993, the percentage of people who say their finances are very or fairly secure falls below 60%, the survey shows – according to Abigail Goldman at the Los Angeles Times.
According to the article, nearly 2 out of 5 people say the state of their personal finances is fairly shaky or very shaky, the poll found. And for the first time since 1993, the percentage of people who said their finances were very or fairly secure fell below 60% -- to 57%, said Times Poll Director Susan Pinkus. "Anything below 60% is sort of like a warning sign of what's coming next," Pinkus said. "It paints the picture of a very grim, weakened economy that is affecting how people are going to spend."This doesn’t bode well for corporations as well. Why? Stress over money can affect job performance.
Financial problems can impact performance in the workplace. What should employers be prepared for?
Lower productivity.- Money worries have been linked to absenteeism and productivity issues, as employees deal with collection calls and increase their personal calls.
- It can also spur turnover, as employees in need of more money looks for new jobs.
- Or employees are less productive as they are stretched by keeping up more than one job to pay bills.
Health problems.- Employees feeling stressed over money can be more prone to high blood pressure, weight gain and insomnia, which impact both their health and their performance at work.
Employers should think of ways to help employees that are feeling financial stress. Here are some tips for Managers:- Watch for employees who are struggling with their day-to-day tasks.
- Provide assistance programs to help employees through difficult times – counseling, education seminars, coaching services.
- Show empathy and tolerance for those in difficult situations.
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