January 1, 2009

Employee Benefit News

Finances Running Low, Stress Running High

With pay raises, bank balances and retirement plan assets all on the decline, it’s no wonder Americans are reporting greater emotional anxiety. A survey from employee assistance program provider ComPsych finds the majority of employees say financial worries are keeping them up at night, with top concerns including the cost of living, credit card debt and mortgage payments. “Our increased call volume has been a reflection of the financial stressors faced by U.S. employees,” says ComPsych chairman and CEO Richard Chaifetz.

Even though times are tight, there still are steps employers can take to improve employees’ moods and/or provide an outlet for them to talk about their financial concerns. One suggestion is talking up the EAP. Now more than ever, employees may find value in contacting an employee assistance program to deal with stress, anxiety and depression from financial problems. Employers can do their part by aggressively communicating the EAP and training managers to identify distressed employees who may benefit most from the program’s services.