The pandemic has affected the mental health of many across the UK, with the Office of National Statistics (ONS) revealing that 1 in 5 adults (19.2%) were experiencing some form of depression during the Covid-19, almost doubling from around 1 in 10 (9.7%) before the outbreak (July 2019 to March 2020). Stress and anxiety has surged amongst employees, with those currently on furlough troubled with the threat of redundancy, and those who have continued to work becoming isolated and disengaged due to long periods of remote working.
In a recent survey of 1,165 employees, 34% said that their mental wellbeing should be their employer’s biggest concern. An employees’ financial wellbeing came in second at 29%, prioritising over other wellbeing concerns such physical (22%) and social (16%).
Financial stress is one of the leading causes of depression and anxiety, with 25% of employees believing that it has a detrimental affect on their mental health. It is surprising, then, that nearly a quarter of businesses don’t currently offer financial wellbeing support to employees. A huge 67% of employees feel unsupported by their organisation when it comes to financial wellbeing, so if you want to improve the wellbeing of your staff then now is the time to offer some financial stabilty.
How improving the financial wellbeing of your staff can benefit everyone:
A drop in revenue means that most businesses are not in a position to offer bonuses, payrises and any large sum of money in general – so they will be pleased to know that they don’t have to! Organisations don’t have to hand out big pay cheques in order to support and improve the financial, and subsequent mental wellbeing of employees. Perks and rewards, pension contributions and money mangement advice are just some of the ways businesses can offer financial stabilty.
Financial instability, on the other hand, can have a negative impact on the organisation itself. According to 40% of employers, money worries have caused loss of concentration and mistakes in the workplace, and 35% have noticed their staff being unproductive. Of course, financial stress impacts sleep, so it is inevitable that a worker’s performance is affected.
In fact 2 in 5 employers have reported that their business has been negatively affected by their employees’ financial issues, which is a 26% increase since the start of the pandemic and only emphasises the severity Covid-19 has had on mental health. From an employee’s point of view, 41% have admitted they are aware the quality of their work is affected when they are uneasy about the state of their finances. By acknowledging and supporting their employees’ financial wellbeing, employers will produce a more engaged and happier workforce that can only have a positive affect on the company.
These continue to be uncertain times, so it is more crucial than ever for businesses to really nuture the wellbeing of its staff. By helping to reduce financial stress, there is more chance of supporting an employee’s overall mental wellbeing and as a result, both employee and employer will be happier.
Our employee benefit scheme, Reward Me Now, is completely free to businesses who want to reward and reengage their staff. Organisations don’t have to spend money themselves in order to improve the finances of others. Our free rewards platform offers discounts of up to 18% at over 120 top brands so employees can save on their every day spend and make their salaries go further, as opposed to relying on credit cards to source money quickly between paydays like 78% of employees have admitted doing. Introducing a rewards platfrom will benefit furloughed and remote workers alike, but will most importantly show your appreciation to all employees.