Facing the Financial Burden October 15, 2008 New survey finds employees feeling anxious over the shaky economy
By Jeanie Casison
As the woes of Wall Street reverberate around the world, employee enthusiasm is also on the wane. According to a new Workplace Options survey, 50 percent of respondents are experiencing stress because of financial concerns, and 48 percent feel that stress makes it hard for them to perform well on the job.
All this anxiety has many of these people questioning their financial decisions for the long-term, with a third of the survey respondents admitting that their retirement plans have been altered because of this year's economic problems. In addition, 23 percent are rethinking buying a new home, while 55 percent are traveling less for vacation.
Employers could be doing more to help employees cope with tough times says Dean Debnam, CEO of Workplace Options, a provider of work-life services in Raleigh, North Carolina. He suggests introducing financial consultation services as part of the corporate benefits package to help the downtrodden deal with debt, money management and other credit issues. Demand is certainly there, with 57 percent of those asked saying that they would take advantage of such an offering within their organizations.
"Employees are looking for advice to work through overextended credit cards, consolidation of debt, late rent and house payments," says Debnam. "We have experienced a tremendous up tick in our financial consultation services business from August 2007 through August 2008, with a 40 percent increase in the number of calls reporting some type of financial stress."
Offering financial consultation can also have a positive impact at the office. "If you are looking to build loyalty, you should consider these types of programs. It tells employees that you are paying attention and helping them go through a difficult process," says Debnam.
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