A recent survey conducted by MetLife Bangladesh has revealed that financial stress among employees is reducing their focus and productivity at work.
The survey titled “Employee Benefit Trends Study’ (EBTS) found that 56% of employees believe that financial stress directly reduces their work efficiency, while 41% said that financial stress has a negative impact on mental health.
MetLife Bangladesh released the results of the study at an event organized at the Westin Hotel in the capital on Tuesday.
A total of 571 employees from different sectors and 142 organizations participated in it.
Ala Ahmed, CEO of MetLife Bangladesh, said: “Financial stress and limited benefits weaken employee morale. Organizations need to focus on improving the overall well-being and communication culture of employees.”
The study shows that more than 53% of employees do not have any financial plans for their post-retirement life. Nearly half of employees want their employers to help them save for retirement.
Around 72% of employees said their organizations care about them, but overall well-being is lacking, while 78% also said that benefits such as health insurance and mental health care increase loyalty, but these benefits are limited in many organizations.
More than half of employers (56%) believe that maintaining employee productivity is now a big challenge.
Forty nine percent say that it has become difficult to maintain employee engagement.
In the past year, 51% of organizations have increased their investment in benefits to retain skilled employees and boost morale.
According to the study, 78% of employers believe that appropriate benefits and welfare initiatives for employees have a positive impact on workplace culture and performance.
Fahmida Khatun, executive director of the Centre for Policy Dialogue (CPD), Yasir Azman, CEO of Grameenphone, Asif Saleh, executive director of Brac, Naser Ejaz Bijoy, CEO of Standard Chartered Bangladesh, and Ala Ahmed, CEO of MetLife Bangladesh, participated in the panel discussion organized after the release of the research report.
The research summary states that the private sector in Bangladesh has reached a crucial juncture.
Employees now want assurance of their overall financial and mental well-being, not just salaries. Financial well-being is no longer a luxury, but an essential component of productivity, experts added.
