2. Looking for the Exit on Wall Street
Stress levels have gone from bad to worse on Wall Street. And if firms don’t do something to address the situation, they risk losing their remaining talent, according to a study by the Hidden Brain Drain Task Force, a consortium of 39 companies focused on retaining and recruiting women and minorities.
3. Most Employers Exercising Caution on Slashing Jobs
Despite the faltering economy, employers appear to be trying to avoid resorting to knee-jerk layoffs, according to a recent survey conducted exclusively for Workforce Management by Equa¬Terra, a Houston-based global management consulting firm.
During these days of economic anxiety, employees at insurance firm BlueCross BlueShield of Tennessee may be a bit calmer than the average American worker, thanks to a stress-reduction program launched four years ago.
By Ed Frauenheim Comments 0 | Recommend 0
uring these days of economic anxiety, employees
at insurance firm BlueCross BlueShield of Tennessee may be a bit calmer than the
average American worker, thanks to a stress-reduction program launched four years
ago.
The 4,500-employee firm has trained about a fifth of its workforce
in the HeartMath system, an approach using biofeedback technology to help people
calm their minds.
Sharon Gilley, BlueCross BlueShield’s manager of organizational
development, says the training is helping the firm’s employees make sound decisions
even as workers nationwide face worries about reduced retirement accounts, higher
costs of living and fears of a protracted global recession.
"They sleep better, they feel better, they’re less irritated,"
she says. "That tells me that they’re thinking better."
The financial crisis of the past few months has ratcheted
up economic anxiety among American workers to severe levels, experts say. A recent
poll by employee assistance program provider ComPsych found that 92 percent of employees
say financial worries are keeping them up at night. Such stress can affect businesses
in the form of employee health problems, retention troubles and decreased productivity.
BlueCross BlueShield of Tennessee is helping employees cope
in a number of ways. CEO Vicky Gregg, for example, reassured workers in an October
e-mail that the private, not-for-profit company is financially strong. The firm
also gives employees access to massage therapy, an employee assistance program and
personal health advocates who can address stress.
And it is continuing the program from HeartMath, a Boulder
Creek, California-based company that sells stress-relief tools to individuals and
organizations. HeartMath’s system uses software and a heart monitor to help people
learn to change their heart rhythm pattern and create physiological "coherence"
in the body. Stress leads to an irregular, jagged pattern. But when people shift
to a more positive emotional state, HeartMath says, the heart rhythm pattern becomes
smoother and coherent.
"[Employees] sleep better, they feel better, they're less irritated. That tells me that they're thinking better."
—Sharon Gilley, manager of organizational development,
BlueCross BlueShield of Tennessee
HeartMath CEO Bruce Cryer likens the benefits of the system
to the way a healthy body builds resistance to catching a cold. Stress management,
he says, "is trainable."
BlueCross BlueShield of Tennessee has invested about $200,000
in the HeartMath system and has trained about 1,000 employees, including claims
and customer service staff. According to BlueCross BlueShield’s initial projections,
1,000 employees practicing stress management would save the firm about $440,000
annually in reduced health care costs.
Gilley says her organization plans to conduct a claims-data
study to check on the actual health savings. Meanwhile, other results are promising.
Last year, 311 employees were trained in the HeartMath system. In the wake of the
training, the portion of those workers reporting that they were exhausted dropped
from 35 percent to 17 percent. The share saying that they were anxious slipped from
22 percent to 9 percent.
The stress-reduction program is not just helpful for today’s
economic crisis, Gilley says. "HeartMath tools give anyone under any specific stressors
effective ways to deal with stress in the moment," she says. "With regular practice,
this is a benefit in all kinds of life’s stress."
Workforce Management, November 17, 2008, p. 18
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Ed Frauenheim is a Workforce Management senior staff writer based in San Francisco. E-mail editors@workforce.com to comment.
Next Article: 2. Looking for the Exit on Wall Street
Stress levels have gone from bad to worse on Wall Street. And if firms don’t do something to address the situation, they risk losing their remaining talent, according to a study by the Hidden Brain Drain Task Force, a consortium of 39 companies focused on retaining and recruiting women and minorities.
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