WAYS THAT DEBT CAN AFFECT THE DAY TO DAY PERFORMANCE OF YOUR WORKFORCE
Interrupted working days due to phone calls
As with any creditors chasing money, they are likely to be open the same time as your business, they are likely to call your employee while they are at work. Not only can this be distracting for them, but it can actually take them away from their desk and the tasks that they have to do.
Even if this is only for a few minutes at a time, it is still a disruption that could leave them behind.
Lack of sleep
Worrying about money could leave an employee struggling to fall asleep in the evening. A lack of sleep can have a considerable impact on the performance of your employee. If they are feeling tired, then their brains are much more likely to wander. They won’t be able to focus on the tasks that they have to complete and when they do, the chances of mistakes may be higher.
Stress and lack of sleep could affect the performance of an employee, but may also stop them from coming to work at all. Absenteeism is much higher if the person is facing debt problems, possibly as the stress starts to affect their health.
A higher risk of accidents
We have focused mainly on those who work in office environments, however debt can put just as much pressure on someone who has a manual job. In fact, someone who works in a factory, is at risk of having a workplace accident.
These could be caused be tiredness, or lack of focus in the task in hand. No matter the reason, a workplace accident can be incredibly dangerous. Not only for the employee, but for those around them too.
A lack of teamwork and morale
If someone is struggling financially, then they may become withdrawn and interact less and less with their work colleagues. This can reduce their ability to work together as a team, their cohesiveness and perhaps even their morale.
DID YOU KNOW: One in five employees report that issues with personal finances have been a distraction at work and 37% say that they spend three hours or more at work thinking about, or dealing with issues related to their personal finances.
WAYS THAT YOU CAN HELP
While you cannot wave a magic wand and wish all of your employees’ debt issues away, there are ways that you, as an employer can help. The main focus on any employers drive to support their staff is to be focused on proactivity and not reactivity.
By being proactive you can tackle the issue head on, rather than waiting for it to become so bad that it has an impact on the employee, not to mention you as an employer.
One of the simplest and most proactive approaches that you can take is to educate and support your staff in financial aspects of their life. Perhaps organising workshops or presentations that can help them to understand more about the right way to approach debt issues.
Importance of Employee Assistance Programmes
Another great option is to have a debt counselling service as part of your current benefit programme. These types of services are available through Help-U Debt Counsellors & Administrators, and can give them the professional advice that they need to help get themselves out of debt.
However, both of these things depend on the employee attending or asking for this help- something that can be difficult for them to do.
Not only can you easily integrate these things into your current wellness programme, but you can also make sure that you are there to provide support on a more one to one basis. Whilst you may not be able to provide the advice that they need, simply being there and allowing them to discuss their problems could be enough to prompt them into taking steps to improve their own finances.
Personal debt may seem like an issue that they have to deal with outside of work, but when it is causing an impact on their working life, perhaps it is time for you, the employer to step in and offer the support and guidance that they need to give 100%.
Not only will you create a positive and productive working environment. But by showing your employees that you value them all as people you are likely to have staff that are loyal and dedicated to working for you.
A positive outcome for everyone!
If you feel as though you know of someone who could use help in dealing with debts get them to visit www.helpudebtcounsellors.co.za. Alternatively if you feel that your place of work could benefit from a presentation mentioned, an in-house talk to discuss financial responsibility and options that may be available please email email@example.com or call (051)448-8462 and speak to one of our professional consultants.
If you need more information about the options available to you in dealing with your debt, you can always speak confidentially with one of our friendly consultants on (051)448-8462