How has Covid Impacted Public Sector Employees?
As the COVID-19 pandemic hits the country, millions of Americans joined the frontlines to ensure that the country continues to run despite the challenges. But the impact of the pandemic goes beyond the health sector as it also affected the financial health and well-being of public health employees.
Public Sector Employees and the Pandemic
The world has been shaken by the COVID-19 pandemic. Millions of lives were affected. To ensure that communities get through the challenging times, front-liners worked hard to provide essential services.
In the United States (U.S.), the state and local government employees have done the same. Educators, medical, and health professionals, public works, and safety workers as well as the public sector employees have all played a vital role in reducing the disruptive and adverse impact on the U.S. economy.
This pandemic was a major event that posed an existential threat and changed the norms of the employees’ work life. These employees had to adapt to whatever conditions they were faced with. Many had to work more flexible schedules while others had to learn to work remotely.
Employers were also faced with a similar same situation. They had to find ways to support their employees and ensure their well-being. They had to come up with new ways to maintain productivity. Some provided bonuses. Others offered raises.
Financial Health and Well-being
The pandemic has highlighted the importance of financial health and well-being. Research by Pew Research Center showed that approximately 51% of working adults in the country think that the economic impact of the pandemic will make it hard to achieve their long-term financial goals.
In the public sector, more than four in 10 or around 41% of state and local government employees said the pandemic has negatively impacted their families financially. The same study by MissionSquare Research Institute also showed that 38% of public sector employees had to spend their emergency funds.
As financial security becomes a more pressing issue due to the pandemic, employers need to find ways to help their employees with their financial problems. If left unresolved, it can affect the physical and mental health of employees and results in, increased disengagement, absenteeism, decreases productivity, and higher employee turnover.
One way to help improve the employee’s financial health and well-being is by offering public sector employee loan programs. With these programs, government employees can get access to funding that is necessary to solve their financial issues.
With the right public sector employee loans, government workers can enjoy a hassle-free repayment setup. Thus, reducing financial stress.
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