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Managing Stressed Employees in Difficult Economic Times
Today's economic crisis has an astounding impact on America's workforce, manifested in stress levels and productivity. The American Psychological Association and Workplace Options, a North Carolina benefits company, reports that almost half of all employees “feel stressed” over financial matters, and nearly as many feel less productive due to the current economic uncertainty. Aside from the decline in their personal financial portfolios, many employees are confronting what has become an almost constant threat to job security, as reductions in force are anticipated in many sectors throughout the year. With an unemployment rate of 8.5% and an underemployment rate exceeding 14%, the workplace can be a very stressful environment.
A direct correlation to the uncertainty caused by stress is the increase in the utilization of employee assistance programs (“EAPs”). Typically, employee utilization of these programs is in the 4% to 8% range. More recently, however, EAPs have reported a 30% to 40% increase in utilization rates. When the Employee Assistance Society of North America (EASNA), the leading trade association for EAP providers, surveyed its members, it found an almost 90% increase in requests for financial services provided by EAPs. Requests for legal services provided by EAPs increased over 40%, while requests for services related to domestic violence and substance abuse programs increased over 10%.
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