Caring For Employees Lowers Insurance Costs
Will your 5-Why’s or Corrective Actions get to the root of the issues?
Medically Consulted Injury: ~ $40,000!
The true cost to the nation, employers, and individuals of work-related deaths and injuries is much greater than the cost of worker’s compensation insurance alone. (injuryfacts.nsc.org).
When trying to find the real reason an accident or quality issue happened, it becomes very difficult to get to the root problem that an employee is loosing sleep and having other health issues related to their financial problems.
Financial Stresses have resulted in a 34 percent increase in absenteeism and tardiness, according to the Society for Human Resource Management.
One study from the Center for Retirement and Research at Boston College found that financially stressed employees miss almost twice as many days (3.5) each year compared to their unstressed counterparts.
When workers are missing, their workload goes undone. This means falling short on production goals and stretching others to help cover which can lead to more stress .
Stress plays a significant role in heart disease, migraines, obesity, and accelerated aging. Stress can also manifest itself physically, according to Fast Company.
Unfortunately, 1 in 5 people put off or consider skipping health care visits due to cost, the American Psychological Association Reports.
From skipped days to sick days, the link between financial stress and workplace performance is of the utmost significance to your business.
While you may think that personal finances are best left personal, you can help with financial wellness programs. A coach is a great asset!
More Than One In Four!
More than one in four employees who said they deal with “financial stress” admit that it interferes with how they do their jobs, says a survey of 5,000+ workers surveyed by Willis Towers Watson.
When the worriers are at work, they are “highly distracted” – this distractions can gobble up 12 additional days per year.
Source: ccr.bc.edu/work-absenteeism-tied-to-money-stress