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How much does employee stress cost your business?

11 April 2017

There are many stresses in life – family, physical, social – and financial. Almost one in four employees say their finances are a distraction at work1.

TWUSUPER can help you manage some of your employees’ financial stresses with our free workplace education sessions. These sessions can form part of your overall employee wellness program.

The cost of stress in the workplace

Overall, more than 49% of Australian employees are thought to be stressed and distracted at work2. This costs employers over $10 billion  a year3.

 

Stress-related presenteeism

Stress-related absenteeism

 Total

Annual cost 

$6.63 billion

$3.48 billion

$10.11 billion

Stress affects employee performance in two ways:

  • Presenteeism: This is when an employee is at work – but not really at work. They are distracted and can make costly mistakes.
  • Absenteeism: This is where an employee is so stressed that they can’t turn up for work.

According to the Chartered Institute of Personnel and Development, engaged employees take approximately 2.7 sick days a year, compared with 6.2 days for non-engaged employees. This affects your business productivity (including that of your engaged employees).

Free workplace education sessions

Workplace education session

We’ve helped employers develop workplace education sessions, that suit both the employer and employees. There is no cost to your business for these sessions – in fact, with reduced employee stress these sessions should help make your business more productive.

We run these sessions nationally in metro and regional cities. Over the past three months we've run over 70 sessions and spoken to over 1,000 employees about how we can assist them with their financial needs.

We can come to your workplace and cover topics including:

  • making additional contributions
  • choosing an investment option
  • insurance cover for emergencies
  • retirement planning and retirement income products, and
  • combining super

Alternatively, we can develop a session that’s tailored for you and your employees.

Other support tools we offer

To ensure your program is endorsed by your employees and has impact at your workplace, we have tools to support you in promoting your program. Employees need to understand that you and the leadership team support your wellbeing program and encourage them to attend information sessions and use help where available.

A wellness and engagement program is not a one-off event, but an ongoing process and requires development over time. Our team is there to help with new developments, initiatives and ideas which will hopefully increase the engagement levels and reduce the stress levels of your staff.

If this is something you would like explore, please contact your Business Relationship Manager or call the Employer Service team on 1800 241 877 between 8am and 8pm (AEST/AEDT) weekdays.

1 PWC Employee Financial Wellness Survey 2014

2 Australian Psychological Society Stress and Wellbeing in Australia Survey 2014

3 Medibank's The Cost of Workplace Stress in Australia 2008

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