Stress related performance issues might be no surprise, but the cost of worker stress might not come to mind. According to Tom Garman, founder of the Personal Finance Employee Education Fund (PFEEF), says that worker stress could cost employers as much as $750-$2000 per employee due to reduced productivity, higher healthcare expenses, and increased workplace accidents. All these things can be directly related to stress levels as at least 76% of Americans say they are stressed. According to the National Institute for Occupational Safety and Health, stressed workers have 50% higher healthcare expenses. Workplace stress can affect your employee’s personal relationships, increase the likelihood of high-risk behaviors, reduce personal health, poor diet, increase turnover rates, and lower morale. These things are costing your company and its self-funded health plan.
Stress can be directly connected to underlying health issues such as heart disease, migraines, and obesity, amongst others. According to the American Psychological Association, 1 in 5 people consider skipping health care visits due to potential costs and this can result in higher costs for the employer. If employees do not schedule preventative care or even ignore symptoms, that can often lead to something more serious and/or more costly.
Personal finances are personal but there are things you can do to help your employees. Implementing financial wellness programs including a healthcare advocacy program is a simple way to help. Healthcare expenses can cause financial burden and stress and there are benefits you can offer your employees to take some weight of their shoulders. Healthcare is often complex and causes unneeded stress aside from just financial issues. Is it time you had someone on your side?
On average we save members $4,132 per case and we have a 92% success rate. We have proven to be effective in saving employees money and in turn reducing financial stress. Our services improve workplace productivity and overall health which will result in significant savings to companies and employees. The relationship between the high cost of healthcare, stress levels, and productivity are apparent. How are you helping your employees?