Who would have thought we’d ever experience a pandemic in our lifetime? If you asked your employees, the answer would have probably been not ever. The past few years have shown that the unexpected can become reality rather quickly and has caused employees feelings of anxiety and uncertainty around their finances. What the past two years has brought to light is the need for workplace education programs that build employee confidence about their financial futures.
While employees have begun to return to the office, they are struggling to find the balance between work and home life. Not only that, many employees are struggling to rebuild savings that took a substantial hit.
As employees try to navigate the pressures of work productivity and financial stability, it’s more important than ever for employers to “wrap their arms tightly around” employees, says Tom Conlon, Head of Retirement Sales, Morgan Stanley at Work. “At Morgan Stanley at Work, we don’t just talk about money. We talk about how to take care of your people,” Conlon says. “Your employees are on a really complicated financial journey. As an employer, you need to be meeting them wherever they are and shepherding them toward their goals.”
One of the Things on Employees Minds Right Now: Money
Workers have long had anxiety about their financial lives, whether it’s paying off student loan debt, dealing with emergency expenses, buying a first home, financially supporting family members, or saving enough for retirement. Experiencing a pandemic has worsened these anxieties. According to a study conducted by Betterment for Business, 76% of employees surveyed stated that the pandemic caused them to reexamine their financial situation.1
These worries can significantly affect productivity. In fact, employees’ collective ability to focus has been taxed in ways you never could have imagined. In the latest PwC Employee Financial Wellness Survey 76% of stressed employees said financial worries have had a negative impact on their work performance and 55% spend 3 plus hours each week at work dealing with their finances.2