“They can be a buffer during stressful situations. Having meaningful friendships in both your personal and work life is one of the key predictors to long term happiness. After all, money you don’t see is money you can’t spend.” The solution for companies is to offer an emergency savings account which can be automatically deducted from a worker’s payroll and help them save for the unexpected. As Suze Orman, Co-founder of SecureSave, says, “Thirty-seven percent of Americans cannot cover a $400 dollar emergency. They are also more likely to search for a new employer they believe cares more about their financial well-being than their current employer. Employees whose financial stress increased due to the pandemic are four times as likely to admit that their finances have been a distraction at work. Nearly two-thirds of a sample of 1,600 full time employees say their financial stress has increased since the start of the pandemic. The PwC 2021 Employee Financial Well-being Survey found finances to be the top cause of employee stress above their job, their health, and their relationships combined. For employers, this is translating into a range of talent policies to retain workers and these include increased compensation, enhanced learning & development programs, new internal talent mobility opportunities, and online coaching and resilience training to help employees deal with massive disruptions and new ways of working. What’s driving this talent migration is the need to continue working remotely, look for a better compensation plan, and improve work/ life balance. The Prudential Pulse of the American Worker Survey finds a quarter of workers still plan to look for a new job once the pandemic is over and 48% are re-thinking the job they want moving forward. The pandemic has led a growing number of workers to re-evaluate their career goals. Expect to see more proactive ways companies are assisting workers to develop their physical well-being. PwC’s Be Well, Work Well Habit Bank identifies a range of habits to improve one’s physical well-being from standing up for short meetings, to getting more sleep, and tracking what and when you eat. Forward looking companies are focusing on communicating the importance of daily habits to enhance one’s physical well-being. Today, physical wellness encompasses many aspects including exercise, sleep, overall lifestyle, and food choices. Think back to 2015 when a growing number of corporations made physical wellness a priority and created a host of corporate activity challenges at work.
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