Reduced Absenteeism

Absenteeism—when employees fail to report to work—costs businesses up to $800 billion annually. Whether due to financial stress, anxiety, or other personal issues, absenteeism significantly impacts productivity, morale, and profitability.

Financial stress is one of the leading causes of absenteeism. Employees struggling to make ends meet are more likely to miss work, spend hours handling personal financial issues during work hours, or even quit their jobs. According to Pat Milligan, Senior Partner at Mercer, 22% of employees miss at least one day of work due to financial stress, while 15% spend 20+ hours a month on financial issues at work, and 20% have resigned because of financial pressures.

The financial toll of absenteeism is staggering. Research from the Journal of Occupational and Environmental Medicine reveals that just one day of employee absence costs businesses an average of $348 in lost productivity. For large companies, the impact multiplies, resulting in millions in lost revenue.

The Connection Between Financial Stress and Productivity
A financially stressed workforce struggles to focus and often feels overwhelmed. Almost half of office workers report difficulty functioning due to stress, anxiety, or depression—many of these stemming from financial problems. This stress spreads throughout the workplace, reducing morale and exacerbating absenteeism.

By implementing financial wellness programs, employers can significantly reduce absenteeism while boosting productivity. These programs teach employees how to manage their money, eliminate debt, and take control of their financial futures. Companies with financial wellness programs have reported a 14% reduction in employee absences.

Moreover, financial wellness initiatives improve employee health, morale, and engagement. Employees who feel in control of their finances are more focused, productive, and invested in their workplace.

For employers, the benefits are clear: reduced absenteeism, increased profitability, and a happier, healthier workforce. Don’t let financial stress undermine your business—implement a financial wellness program today to protect your bottom line and support your employees' well-being.