5 Signs to Check If Your Employees Are Experiencing Financial Stress

Financial distress on employees has a huge impact on individual productivity as well as the company they work for. That is why it’s crucial that employers spot financial stress symptoms in their workforce and intervene as soon as possible. 

The Cost of Employee Financial Distress

How exactly does employee financial distress affect the company? Reports say that when employees are stressed over their finances, they often are unable to focus on work or feel motivated. This negatively affects productivity and efficiency, and has a direct effect on overall team work and operations.

In addition, long-term stress can affect the employees’ overall health and increase absences. As a result, the company may need to shoulder increased healthcare costs as well. 

Also, there is a seen correlation between employee financial stress and high employee attrition. Some employees may be tempted to resign to further improve their financial situation. 

Financial Stress Symptoms to Watch Out For

By being aware of the financial stress symptoms of employees, companies can intervene immediately and provide the necessary support to help their personnel. 

Here are some signs that the employees are experiencing financial distress: 

Frequent Overtime 

Often mistaken as a sign of productivity, frequent overtime among employees might indicate otherwise. Working beyond hours may be a sign that they are not being as productive or efficient during regular working hours (possibly due to stress). Likewise, they might need the overtime pay. 

Consider checking overtime requests and having conversations with your team. 

Frequent need for loans 

One of the financial stress symptoms to watch out for is the employees’ need for loans. They may often approach the Human Resource Department about steps on how to get a loan from government agencies and the company. 

Why not ask your HR department for updates on who has requested for loans? 

Missed deadlines and/or frequent mistakes

Has the company been making adjustments to accommodate missed deadlines? The lack of focus and motivation on the part of an employee may be due to financial stress.  

Poor employee health

How often are your employees filing for sick leave? Do they look physically weak or stressed? As mentioned, long-term stress can lead to poor overall health. Employees may take on certain vices such as smoking, drinking alcohol, and taking anti-anxiety medication, among others, and may also suffer from sleep deprivation. All these impact their physical and mental well-being, which affects their focus and productivity in the workplace. 

Numerous discussions about financial woes

One of the key financial stress symptoms you need to watch out for and listen to are the discussions about financial woes among employees. Do they talk often about it over lunch? For bigger companies, surveys about their mental health can be very telling. 

Offer Much Needed Support with Advance PH

One of the best ways to intervene when employees are experiencing financial stress symptoms is to allow cash advance payments and offer company loans. Advance PH can help your company in this regard. We offer fast, reliable, and convenient short-term loans to Filipino employees.

Once your company and Advance PH become partners, we can issue a credit limit to your employees. After this, they can file for a salary loan and get it approved in as fast as two minutes. 

With Advance PH, your employees are provided immediate relief and security when it comes to their short-term financial problems. We provide a viable solution to help support your teams and their physical and mental health, ensuring increased productivity and efficiency in your operations.

For more information, visit www.advance.ph. You may email inquiries to partner@advance.ph.