WASHINGTON, Feb. 14 /PRNewswire-FirstCall/ -- Workplace stress is the most frequently cited reason U.S. employees consider leaving their jobs. While employers acknowledge that stress is affecting business performance, few are taking steps to address it, according to two surveys by Watson Wyatt Worldwide, a leading global consulting firm.
Nearly half of U.S. employers (48 percent) say stress caused by working long hours is affecting business performance. However, only 5 percent are addressing this concern, according to Watson Wyatt's 2007/2008 Staying@Work report. Similarly, more than one-quarter (29 percent) of employers believe stress caused by widespread use of technology such as cell phones and personal digital assistants is greatly affecting business performance, but only 6 percent are taking action to confront the issue.
"Many companies don't appear to appreciate how stress is affecting
their business," said Shelly Wolff, national practice director of health
and productivity at Watson Wyatt. "Too much stress from heavy demands,
poorly defined priorities and little on-the-job flexibility can add to
health issues. By leaving stress unaddressed, employers invite an increase
in unscheduled time off, absence rates and health care costs -- all of
which hurt a company's bottom line."
Employers Say Stress Affects Business Results
Cause of Employee Stress Employers That
Say Stress Employers
Affects Business Taking
Performance Strong Action
Long hours, doing more with less 48% 5%
Work/life balance 32% 16%
Technologies that expand availability 29% 6%
Manager's inability to recognize stress 24% 7%
Manager's inability to find solutions for stress 20% 14%
Extra time, hassles related to security 8% 2%
Safety fears 5% 27%
Source: Watson Wyatt/National Business Group on Health 2007/2008 Staying@Work report
One way stress is influencing business performance is through employee retention. Stress is the most frequently cited reason U.S. workers give for why they would leave a company. Forty percent of respondents say it is one of their top three reasons, according to Watson Wyatt's 2007/2008 Global Strategic Rewards(R) report. However, employers fail to list stress among the top five most cited reasons they think workers leave their jobs. Instead, they cite insufficient pay, lack of career development and poor supervisor relationships.
"Pay alone is not enough to retain and engage today's workers," said Laura Sejen, global director of strategic rewards at Watson Wyatt. "To remain competitive, companies need to understand fully what causes employees to join or leave and what causes them to be productive if they stay. A total rewards approach that includes both monetary and nonmonetary rewards is more meaningful for employees and more effective for employers."
More information on the reports can be found at http://www.watsonwyatt.com/research/reports.asp.
About Watson Wyatt Worldwide
Watson Wyatt (NYSE, Nasdaq: WW) is the trusted business partner to the world's leading organizations on people and financial issues. The firm's global services include: managing the cost and effectiveness of employee benefit programs; developing attraction, retention and reward strategies; advising pension plan sponsors and other institutions on optimal investment strategies; providing strategic and financial advice to insurance and financial services companies; and delivering related technology, outsourcing and data services. Watson Wyatt has 7,000 associates in 32 countries and is located on the Web at http://www.watsonwyatt.com.
|SOURCE Watson Wyatt Worldwide|
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