Organisations should consider offering more financial wellbeing support to reduce the risks associated with staff seeking second incomes, according to Partners&.
Research carried out by the risk management and insurance intermediary found that the economic downturn is forcing more people to look for additional income streams, which it believes exposes the primary employer to risks. It suggests that an individual juggling multiple jobs could be more likely to be distracted, tired or burnt out.
Steve Herbert, wellbeing and benefits director at Partners&, commented: “With many working families being exposed to unprecedented cost pressures, it is no particular surprise to find that some employees are seeking a second or even third job to help make ends meet. Whilst that is entirely understandable, it nevertheless exposes the primary employer to potentially greater people risks.”
When asked if they had seen a rise in employees seeking additional income streams outside of their main employment, the survey of 169 senior HR, finance, and C-suite professionals found that 36% are either aware or suspect that staff now have second jobs as a result of the cost-of-living crisis. Less than a third (31%) reported seeing no change from previous years.
The study revealed that where employees have more than one job, the majority (85%) of respondents believe that there is more risk for the primary employer. Only 9% thought there were no additional risks for their business.
Herbert said: “These are economically tough times for the United Kingdom, and employers will be doing all they can to continue trading profitably whilst also supporting their workforce. We would certainly encourage employers to utilise all the – often hidden – tools available within their employee benefits package to support employees.
“We would also suggest that the addition of a low-cost financial wellbeing support package could make a tangible difference to employees throughout this difficult period and beyond.”
