Via LinkedIn : Decreased business productivity may send some employers in search of a better HR strategy. While changes such as adjusting team members’ roles or switching up the work environment may cause employees to increase productivity, sometimes the events impacting efficiency are beyond a business’ control.
Personal stress and wellness impact productivity
One recent study found that many people in the U.S. workforce face economic stress, which in turn impacts how they are able to perform in their positions. Having a significant amount of financial stress contributes to absenteeism, as well as decreased productivity when the individual is in the office.
According to the study, which was commissioned by a financial wellness company, 86 percent of business owners and professionals believed that financial stress was distracting employees from work within the past year, exacerbating issues such as absenteeism and decreased productivity. However, about half of the survey participants said that HR services, such as some kind of financial education or support from the employer, would help staff members be more productive.
“Even if you’re making a decent salary, it is difficult to concentrate on work when you’re worrying about how to pay this month’s bills, or to find the money to cover a health emergency, a necessary car repair so you can travel to work, or an educational expense for a child,” reported a company president. “We are seeing more employers recognizing that this is a real issue and as a result, starting to think about possible solutions.”
What can companies do?
With so many employees dealing with overwhelming financial stress, even the smallest actions on behalf of an employer can go a long way. This is why many companies turn to a Professional Employer Organization (PEO). PEO’s specialize in the business of “employing people” and know how to handle salaries, taxes, benefits as well as HR strategy and execution in the most efficient way possible, ensuring that your staff has the support – both financial and otherwise – they need to take care of anything. This allows business-owners to focus more energy and resources on their core business.
Although you may think you are doing everything in your power to run a productive office, there are likely going to be times when personal problems and struggles impact your employees. Much of these circumstances are left to chance, but you can strive to provide a full host of benefits including discounts to employees as well as efficient payroll and tax administration so your employees get paid on time, with no surprises.
About Aaron Cichy: Aaron has been consulting with business-owners and senior leadership teams for over 15 years helping them develop strategies to contain costs, spend more time on strategic planning and drive higher profitability. Don’t let the picture fool you, he actually smiles a lot…
In addition to working for CoAdvantage as a Consultant in the Human Capital Management and PEO space, he is also an entrepreneur and owns and operates multiple franchise units with Fiesta Auto Insurance in the Dallas-Fort Worth metro area.