Dave Edwards knows that financial worries can make employees less productive at work. He's seen it happen.
Edwards, president of New York City's Heron Financial Group, once hired an employee who had racked up massive amounts of debt. Edwards, not surprisingly, gave the employee plenty of guidance on gradually erasing that debt. The problem? The employee became obsessed with his debt. He spent hours each workday viewing his bank account and transferring balances from one credit card to the next.
As a result, the employee was no longer producing quality work. Edwards says he had no choice but to fire him.
"I gave him three warnings," Edwards says. "But it got to the point where he was no longer functioning at work. I needed him to get his personal life under control so that he could do the job I was paying him to do. He couldn't do it, so I had to take action."