For many American workers, year-end stress is just the icing on the cake of an already stress-filled year. According to the World Health Organization, stress is estimated to cost American businesses up to $300 billion per year.

In fact, a recent Work Stress Survey, conducted by Harris Interactive on behalf of Everest College, found that more than eight in 10 employed Americans are stressed out about their jobs, citing top concerns of heavier workloads and poor pay.

Given that employees are juggling an increased number of work and personal obligations, it's no wonder that the holidays often compound these feelings of stress. The result for employers? A more absent and less productive workforce, especially during the end of the year.

"Year-end is always a busy time, especially for payroll professionals. Employers need to recognize the effects that stress and other work and life obligations can have on their employees and be proactive in mitigating the potentially harmful effects it can have on employee wellness and business productivity" says Jennifer Piliero, senior product manager for Ceridian LifeWorks.

By stepping back and assessing your year-end strategy from both an employee's and manager's perspective, you can be better equipped to address stress and productivity issues in the workplace this holiday season.

What employees are thinking at year-end

According to Diane Burrus, a workplace flexibility and workload solutions practice leader at WFD Consulting, pressure to do more with less is taking its toll on employees. Putting in long hours with heavy workloads, coupled with financial pressures and family responsibilities can result in burnout, stress and health issues, especially during this time of year. Burrus states that because of the interconnectedness of our work and personal lives, such stress can have a paralyzing impact on effectiveness and productivity in the workplace.

Moreover, as year-end deadlines loom and companies are dealing with a skeleton workforce, it can be challenging for employees to get the right approvals they need from managers or other co-workers. Because of all this, employees may find themselves unable to work as efficiently and productively as they once did. Read more.