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Financial wellbeing top staff concern

by Kavitha Sivasubramaniam
31/07/2023
Financial wellbeing, benefits, 65%, employees, figures
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Financial wellbeing and the cost-of-living crisis is the top concern for employees, according to new research.

A study by Evelyn Partners found that work-balance and mental health were also worrying workforces, cited by 29% and 27% respectively.

Of the 500-plus employers surveyed by the wealth management and professional services company, other concerns expressed by respondents included job security (24%) and childcare during working hours (22%), while performance targets were highlighted by 17%.

Tom Shave, partner at Evelyn Partners, commented: “The findings from our research amongst business owners is concerning and underlines that the health of their employees’ personal finances should be recognised as a business risk.

“Absenteeism due to stress is a significant problem and a factor driving worrying levels of economic inactivity in the UK. Employees under financial stress are far more likely to suffer mental health problems such as anxiety, sleep deprivation and a low mood, something that could impact their concentration levels and relationships in the workplace, dampening productivity in the process.”

Shave explained that many employers have become more aware of their employees’ physical and mental wellbeing, particularly since the pandemic when people were working from home or put on furlough.

He added: “In an effort to attract and retain the best workers businesses are putting more and more effort and resources into the non-remuneration aspects of the packages they offer to existing and prospective employees. Facilities aimed at employees’ mental and physical wellbeing are increasingly widespread offerings, on top of pensions and other benefits, and flexibility over working patterns. Given the well-established link between money worries and stress, we believe that financial wellbeing should be considered as a core component of the benefits offered to staff.”

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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.

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Return-to-office mandates are a topic that’s generating plenty of heat in the media, but how closely do the headlines match workplace reality? 

In this episode, one of a three-part series of 10-minute podcasts, hosts Claire Churchard and Steve Herbert discuss data that shows remote or home working is on the rise.

We look at what this means for HR, from balancing employee flexibility with business needs, to ensuring benefits packages remain fair and accessible. We discuss the pinch points, and the opportunities, in building the new normal of work.

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