Building healthier, stronger futures: our new Health & Wellbeing Plan for employees
By BHSF | December 17th, 2024
Supporting employees at work
In today's uncertain economic climate, the financial wellbeing of employees is no longer just about offering a competitive salary. Earlier in the year, the Financial Conduct Authority reported more than 7 million adults in the UK are struggling to pay bills1, which is well above the figures from 2020, before Covid and the cost-of-living crisis began. 26% of those surveyed had resorted to working more hours, overtime or taking a second job to earn extra money.
Workers are increasingly looking to their employers to create a holistic environment where they feel secure, informed, and empowered to manage their finances effectively. Whilst this may not seem like the traditional role of an employer, caring about their employees’ financial wellbeing beyond the salary has positive impacts on business. Employees who are worried about money are more likely to be stressed and have poorer mental health; whereas employees who are financially secure are more likely to be productive at work.
Financial wellbeing is about feeling secure and in control of your finances, both the ability to meet day-to-day expenses, but also handle unexpected financial shocks, and have confidence about a financial future. When employees experience financial wellbeing, they are less stressed about money, which positively impacts their overall mental and physical health.
Around 50% of households2 are making at least one adjustment (i.e. cutting back on essentials, dipping into savings, selling possessions or borrowing) to cover essential spending. Constantly worrying and feeling stressed about finances can have a big impact on individuals. Employees who are worried about their finances are more likely to experience anxiety, depression, and other health issues. This, in turn, can lead to an impact on their workplace with decreased productivity, higher absences, and ultimately an increase in turnover rates.
By supporting financial wellbeing, HR professionals can help mitigate these risks and foster a more engaged and productive workforce.
Supporting employees' financial wellbeing is an investment in the overall health and productivity of the workforce. By going beyond the pay-check and providing comprehensive financial support organisations can help create a resilient, engaged, and loyal workforce. In the long run, this not only benefits employees but also contributes to the organisation's success.
Sources
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