6 in 10 would resign without financial wellbeing support

26/01/2023

Ofwat gains new powers to ban exec bonuses at poor performing firms

Steve Herbert, consultant, ambassador, reward, benefits, HR strategy

Systemic shake-up: it takes HR to do things right

Around 62.5% of UK workers are considering leaving their existing jobs if their employers fail to recognise or help them with their financial difficulties, according to research from Workhuman.

The organisation’s UK Human Workplace Index (HWI) survey of 1,000 full-time employees across the UK found that 77% believe their employer could be doing more to support them financially and emotionally through the current crisis.

According to the research, the cost-of-living problem is causing stress and anxiety for 84% of UK workers. Meanwhile, around 61.5% reported struggling to pay at least one item in the last three months, with electricity bills, gas, and food topping the list of those they had the greatest difficulty paying for.

Additionally, 50% of respondents reported working overtime in the previous three months, and two-thirds said the cost-of-living crisis had a negative impact on their ability to maintain a healthy work-life balance.

These statistics indicate that many employees are working overtime in an effort to make ends meet at the expense of their personal lives.

Employees have reported feeling burnt out and being less effective at work as a result of the longest workdays. In fact, 63% of respondents stated their workload has increased, and nearly 50% indicated they are worried about how the cost of living may affect their jobs.

Furthermore, 41% claimed that a recent layoff at their business had negatively impacted their wellness. At the same time, 68% of workers claimed their company isn’t providing any assistance with the cost-of-living crisis. Nearly half of those surveyed also stated that they are dissatisfied with the benefits their employer currently provides and that their firm does not offer an employee assistance programme.

Workhuman senior director Dr Meisha-ann Martin said: “It’s alarming that such a large percentage of employees don’t feel like they are being supported in any way. Facing financial struggles is causing people significant stress and anxiety, which in turn will likely impact their work performance and morale.

“Organisations should consider what they can do to help their people to weather today’s financial challenges and maintain engagement and productivity in the workplace. Or those employees are likely to look elsewhere.

“Between lay-offs and financial struggles, employees are working harder than ever, and they want that hard work to be appreciated and recognised. Financial assistance like vouchers and reimbursement for certain costs can help ease the stress and anxiety on their shoulders, and recognition for a job well done is key to building and maintaining engagement and morale at work. Combining the two will ensure employees feel appreciated and supported by an employer who genuinely cares about the wellbeing of their people.”

CBI chief says bosses secretly want employees back in office

MP warns employment packages are ineffective without support for parents

BENEFITS UNBOXED PODCAST

Benefits Unboxed

The podcast from Benefits Expert, the title for HR, reward and benefits professionals.

Seasoned professionals examine the challenges and innovations in today’s employee benefits, reward and HR sector. Every episode, they will unbox a key issue and unpack what it really means for employers and how they can tackle it.

The regulars are Claire Churchard, editor of Benefits Expert; Carole Goldsmith, HR director at the Royal Horticultural Society, and Steve Herbert, consultant and rewards & benefits veteran.

As the professionals responsible for helping their organisations navigate NI hikes, rising employee stress levels and looming redundancies, the pressure on HR, reward and benefits teams has never been greater.

HR is expected to lead with strength and compassion. But who is supporting the supporters?

In this episode of Benefits Unboxed, co-hosts Claire Churchard, Carole Goldsmith and Steve Herbert explore the emotional and ethical pressures HR face today, from managing redundancies to implementing complex legislation. They discuss why HR’s own wellbeing may not be the first topic of conversation, the risks that poses to employers, and the practical steps businesses can take to better support the wellbeing of the people who support everyone else.

This conversation shines a light on the resilience of the profession and why looking after HR is not just the right thing to do, but a business imperative.

Search Episodes

Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?

22/05/2025

Benefits Expert from Definite Article Media

Search Results placeholder

6 in 10 would resign without financial wellbeing support

Ofwat gains new powers to ban exec bonuses at poor performing firms

Systemic shake-up: it takes HR to do things right

CBI chief says bosses secretly want employees back in office

MP warns employment packages are ineffective without support for parents

SUMMIT

BENEFITS UNBOXED PODCAST

GUIDE TO CASH PLANS

OPINION

Systemic shake-up: it takes HR to do things right

Rewriting the deal: how hybrid and remote work is changing EVPs

What CEOs don’t know about workplace culture, but should

Six proactive ways HR can build a happier, healthier workplace

SUBSCRIBE

© 2024 Definite Article Limited. Design by 71 Media Limited.

6 in 10 would resign without financial wellbeing support

RELATED POSTS

SUMMIT

BENEFITS UNBOXED PODCAST

GUIDE TO CASH PLANS

OPINION

SUBSCRIBE

© 2024 Definite Article Limited. Design by 71 Media Limited.

Follow Benefits Expert