The Human Resources Division (HR) of every organization is the first line of defense in identifying issues negatively impacting job performance of a workforce. An effective HR team should be constantly looking for systemic impediments which cause a workforce to stall at a level lower than peak performance. Among the questions that need to be asked are: Where does HR look? How does HR measure current employee and organizational performance? How does HR identify the gap from current performance to peak performance? And, very importantly HR needs to know what are the issues negatively impacting job performance for the workforce?
New Study Provides Direction
Recently, a study from International Foundation of Employee Benefit Plans identified the areas where employees worry the most when it comes to on-the-job concerns. The area most commonly identified by over 65% on those asked was Debt. This was closely followed by Saving for Retirement which concerned 60% of the respondents. This was closely followed by the financial needs around a child’s college education. The study indicated that the effects of the ‘sandwich generation’ are taking a toll on today’s workforce. Caring for elderly parents while simultaneously having responsibility for children is stressful. However, caring for both elderly parents and children results not only in emotional stress but it also creates an increased financial burden. This phenomenon is impacting a large portion of the America’s workforce.
A New Challenge for Employers
An increasing number of employers are now taking an active role in educating the workforce in topics such as personal finance, retirement readiness and the prudent use of credit. Having the knowledge that over 65% of your employees have concerns with the amount of debt they carry is half of the equation. Doing something about it is where the employer can make a large positive impact in an employee’s life and lifestyle.
Knowing which financial issues a workforce struggles with is the best initial step in comprehending Financial issues affecting job performance.
