The holidays are a time to reconnect with family and celebrate the new year. But for many Americans, they also introduce a surprising amount of financial stress. In a survey from the American Psychiatric Association (APA), 31% of adults said they expected to feel more stressed during the upcoming holiday compared to previous years
Increased holiday stress can leave employees feeling distracted, irritable and unengaged in their work. You may notice an increase in absenteeism and missed deadlines leading up to the holiday season. Luckily, there are ways for you, as an employer, to prepare your workforce to face the under-reported challenges of the holiday season — and keep your team running smoothly into the new year.
1. Acknowledge the Financial Reality of the Holidays.
It’s no secret that most Americans spend more money during the holidays. This time of year often sets people back on their financial journeys, especially due to new expenses that creep in.
In fact, according to Bank of America’s annual Workplace Benefits Report, financial wellness among employees is at an all-time low, with two-thirds of employees saying they believe the cost of living is outpacing growth in their salary. This often leads to neglecting retirement savings and relying more on debt to cover bills.
Financial wellness benefits can be the key to getting your team back on track toward their financial goals. According to the same Bank of America study, 43% of employers offering financial resources to support employee well-being have seen a reduction in employee stress. What’s more, 76% of employees look to their employer to provide financial education.
With budget tools, calculators, and other resources, access to the right financial tools can help your employees back to being their best financial selves in time for the new year.
Prioritize Schedule Flexibility For Your Team: The ability to shift schedules is one of the most valuable benefits employers can provide during the holiday season. Flexibility allows different people to enjoy their respective customs and traditions without affecting their ability to get work done. Flexibility can also remove the stress around planning for the holidays.
In fact, according to Workable, 55.8% of US workers say the ease of integrating personal and professional priorities is a major benefit of having a flexible work schedule.
Flexibility allows your team to complete their work on their terms, while still managing their personal lives. Creating an environment where work-life balance is valued can help your team feel supported in the long run.
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