Employees afraid of losing their benefits are enduring increased workloads at the cost of quality work, a recent study suggests.
About 40% of employees saw their workload increase last year compared with a year before, according to an annual MetLife study of employee benefit trends.
More Work for Less Pay
As workload expectations increased, many employees were plagued by worries that could actually hinder productivity. About 68% of employees reported that the quality of their work decreased, they were more afraid of losing their jobs or they were distracted due to personal financial concerns, the study found.
Job security worries appear to be justified, the study suggests. Employers also appeared less concerned than before about retaining talented workers, according to the MetLife study.
Meanwhile, employees are taking home less pay than they were a year ago, according to the Bureau of Economic Analysis at the U.S. Department of Commerce. The Commerce Department reports a 2.6% decrease in personal income per capita in 2009. Incomes were particularly hard hit in Wyoming, where workers made 5.9% less overall than in 2008.
Nationwide, about 45% of workers are living paycheck to paycheck, up from 37% in 2006, MetLife found. Plus, a majority of workers may not have adequate emergency savings. About 62% of employees said they were concerned about having enough money to pay their bills if they unexpectedly lost their jobs, the study found.
What’s more, workers are increasingly considering delaying their retirement until later in life. About 59% percent of workers expect to work past age 65, according to the study.
Happiness at Work
Americans appear to have put their finances ahead of their happiness amid the economic downturn.