Assessing the Impact of Employee Financial Stress on Productivity and Job Satisfaction in Selected Nigerian Workplace
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Abstract
This research analyses financial stress on employee productivity and job satisfaction at selected tertiary institutions in Rivers State, Nigeria. When analysed using regression analysis, it is found that the negative association between financial stress, productivity and job satisfaction is striking. They indicate that for every unit increase in financial stress, productivity decreases by 0.149 units for each unit of income; with an R-square value of 0.553, this indicates that 55.3% of the variation in productivity can be explained by financial stress. Job satisfaction, in turn, decreases by 0.317 units per unit increase of financial stress, R-squared = 0.681, and 68.1% of the variance in job satisfaction is due to financial stress. It is clear from this research that financial stress derails employees' attention, motivation and health, resulting in lower workplace performance. These results are consistent with the literature and point to the need for organisations to target financial stress through interventions. Some suggestions include implementing financial literacy initiatives, offering financial counselling and having fair pay practices. In prioritising these things, tertiary institutions can improve the well-being of employees and increase employee satisfaction and productivity.