Does financial wellbeing create issues for employees?
According to recent research, employee financial wellbeing has become a growing concern with almost two thirds of businesses struggling to counter workplace mental health issues related to personal finance.
Research discovered an increase in personal financial issues affecting mental health and productivity in the workplace.
8.3 million people in the UK are in debt and a quarter of employees say that the financial pressures affect their performance within the workplace.
Financial wellbeing is a “relatively neglected” area of organisational policy. In order for organisations to tackle this issue they should communicate the benefits of their current benefit schemes to employees as organisations who proactively engage their employees over financial programmes have witnessed improvements in their capability to make the right choice. Employers should pay attention to a number of areas whether this be to include a fair and equitable pay system, effective retirement, planning for people or good employee communication such as total reward statements.