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.”