Concerns over money is a primary reason why some employees' performance suffers, according to a recent poll from the Society for Human Resource Management (SHRM).
Specifically, 49 percent of HR professionals surveyed said employees were stressed by an "overall lack of monetary funds to cover their personal expenses," while 22 percent said personal financial challenges had a "large impact" on their work performance.
"The source of money woes is unsurprising but the toll it's taking on both workers and their employers, in addition to the persistence of the weak economy, are all troubling issues," said Mark J. Schmit, Vice President of Research at SHRM.
What's more, 55 percent of those polled agreed that employees were more likely to dip into their employer-sponsored retirement savings plans over the past year, while just 24 percent disagreed.
It is worth noting that more than half of respondents (52 percent) said their organizations offer financial education initiatives, and 79 percent offer access to an employee assistance program that provides counseling and resources.
Employers would be wise to monitor worker performance and lower stress levels, as a UMASS-Lowell study found that 40 percent of job turnover is directly related to stress, and healthcare expenditures are nearly 50 percent higher for workers with enhanced stress levels.