It’s no secret that both employers and employees are stressed about money, inflation, and a potential recession. But how are those stressors impacting employee and business performance?
PNC Bank today released findings from its inaugural Financial Wellness in the Workplace Report 2023: What Employees Want (and Need), which summarizes survey data and in-depth interviews from ~1,000 full-time workers from companies with more than 100 employees, and ~500 employers from companies with $5 million or more in annual revenue.
Happy to provide a spokesperson to dig into the data. For now, here are some highlights:
- From an employee point of view:
- 90% of employees surveyed say they are negatively affected by inflation
- 87% of employees worry about personal finances on the job
- 45% feel unprepared for the future, but most have no plan to fix it
- Only 22% have worked with a financial professional in the last three years
- From an employer point of view:
- 75% say employees’ being financially strained impacts operations in the form of reduced productivity, lower morale, and poor performance
- 96% say financial wellness benefits improve retention
- 75% are worried about a recession in the near future
