The financial crisis: Overcoming fear and stress
From the October 2008 issue of Ceridian Connection
| As politicians hash out bailout legislation to rescue teetering financial institutions, the economic rollercoaster has workers wondering if there's anything they can do to hang on to hard-earned retirement savings. News of crashing stock, tightening credit and high unemployment is taking a financial toll on both you and your employees. Businesses need resources to help employees cope and keep productivity from crashing too.
Steady media coverage about the financial crisis can also make it difficult for you to ignore anxious questions about your organization's financial security and what the current economic conditions mean for your business. How is my company performing, and am I going to face unemployment? Will I lose my retirement savings? Will I be able to keep my home or have enough money to pay for gas? |
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| Call surge
Ceridian LifeWorks has seen a surge in the need for support due to the economic climate. Among our customers in the financial services industry, calls to our Employee Assistance Program (EAP) Management Line were up 30 percent in September, and requests for seminars on stress, debt and related issues have risen significantly. There is also an uptick in calls for financial counseling from all of our customers. Overall, we are seeing more calls from people in financial crisis than ever before -- from people facing bankruptcy or foreclosure on their homes or in need of emergency resources to help with utilities, food and other basic necessities. If you find yourself worrying about how to meet your financial obligations and investment goals, Ceridian LifeWorks can help. Following are tips and resources to help you address and overcome personal or work challenges resulting from the global financial crisis. Financial counseling Money worries are one of the leading causes of stress. When the economy is bad, people who are already concerned about their finances may worry they won't be able to handle any more strain on their budgets. Dr. Judith Bardwick, author and psychiatrist, says that employers may even face a "psychological recession" that leaves workers fearing job loss at any time -- and holding back the commitment they otherwise might give to their jobs (One Foot Out the Door, AMACOM, 2007). But right now it's important to remember that the nation's economy has had highs and lows in the past as it will again in the future. The best way to get through the lows is to manage your money wisely and find ways to cope with emotional uncertainty. "Our callers need short-term solutions for their financial hurdles without losing sight of their long-term financial goals so they're not back in the same position a year from now," says LifeWorks expert Brian Kadlec, MBA and Service Delivery manager. "LifeWorks helps callers find solutions by conducting a budget and cash flow analysis to see where they're at, then we work with them to create a strategy based on their specific scenario." Employers who offer an EAP should remind their employees that they may have access to financial counseling services and educational materials that provide support for a variety of finance and stress-related issues. And if they don't, employees can find free information on LifeWorks Online through Dec. 31. Managing stress with health coaching Employees with financial concerns also are understandably dealing with incredible levels of stress. In addition to EAP services, LifeWorks also offers a stress management health coaching program that helps employees better manage stress. We use behavioral treatment best practices that impact the way employees relate to people and stress situations. Once a company purchases the program and offers it as a benefit, employees can enroll in health coaching online or by phone. The first step involves gathering health and behavior history, then a dedicated health coach works with a participant through the entire program that can last for several months. "When employees experience increased finance-related anxiety, stress levels increase and manifest in ways such as insomnia, irritability, crying, poor work performance or missed days at work," explains Darcy Hurlbert, MPH, Ceridian LifeWorks product specialist. "Health coaching can help increase resiliency and coping skills as well as address unhealthy habits such as drinking and eating or smoking more than usual." Outcomes data for Ceridian Stress Management shows that:
Focusing on what you can control While no one can control the stock market or the economy, you can control certain aspects of your personal finances. Proceed with caution and try not to make impulsive decisions when under stress, such as cashing out of a 401(k) plan, stopping saving all together or falling prey to high interest "payday" loans. You can create a smart financial plan and avoid impulsive pitfalls by following these LifeWorks recommendations:
Keeping your emotions on course When facing financial difficulty, it's easy to panic and not think through decisions. Another all too common reaction is denial. Sticking your head in the sand won't make financial issues and stress go away either. It's important to manage your emotions so you can make informed choices. LifeWorks offers these suggestions for coping with financial stress:
Free access to LifeWorks financial resources through Dec. 31 Whether you have concerns about the financial crisis or you need information as a manager to help your employees, Ceridian LifeWorks can get you on the path to emotional and financial stability. Get the support you need by exploring financial, work and emotional well-being resources on LifeWorks Online. At the Welcome screen use this information to access the site now through Dec. 31 -- User ID: Ceridian, Password: financial (login information is case sensitive). For customers If your organization offers LifeWorks programs, you have many resources available by phone or online. Depending on your organization's level of service, you may also be eligible for referrals to in-person counseling appointments. Check with your program administrator or HR representative for details about your Ceridian LifeWorks benefits. For military service members All members of the military -- Army, Navy, Air Force and Marines -- have access to around-the-clock support from Military OneSource, a Department of Defense program supported by LifeWorks. If you know friends or have family members in the military who need financial or stress-related help, remind them to tap Military OneSource. | |||
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