Employee Financial Well Being
Employers should adopt employee financial well being as part of their initiatives to improve workplace health. Stress from financials impacts a significant part of the workforce according to new research.
Do you have anyone in your team who is out of sorts? Perhaps they look overly tired or seem withdrawn? Are they leaving the office more frequently than usual to take personal telephone calls? Do they seem to have lost interest in their work?
If you have a team member who fits this description, the chances are that you’ve wondered whether they might be experiencing relationship issues or problems with their health. But have you considered the possibility that they might be suffering from financial difficulties instead? Today 70% of the U.K.’s working population is “chronically broke”, according to a study by think tank the Royal Society of Arts and nearly a third (32%) have less than £500 in their savings. So the chances are that some of your colleagues and team members will be heavily in debt. You may even have financial issues yourself.
Given that we all spend so much time at work, it is inevitable that money worries will spill over into the workplace. In 2017, research by the U.K.’s Money and Mental Health Policy Institute found that over two-thirds of employees who are struggling financially report at least one sign of poor mental health that could affect their ability to function at work. These signs include loss of sleep, poor concentration and reduced motivation. So financial wellbeing is clearly an issue that leaders and managers need to take seriously.
You may also enjoy