The challenge and benefits of nurturing mental & financial wellbeing in global employees
Stress and mental-health issues are undermining employees’ ability to perform and could be costing the UK economy more than £4 billion every year, according to a report from advisers Lane Clark & Peacock. Marianne Curphey reports.
T
he survey, Employee wellbeing: the changing dynamics of financial health, LCP, 2021, was published in February this year and takes stock of the enormous changes and
challenges in the workplace. It highlights how financial worries and mental health issues are impacting the younger generations in the workplace more. Those in the young and mid-career age bracket (16-34) were more likely to feel that financial concerns affect their behaviour at work and ability to do their job (49%). Around 30% in this age bracket said they were unhappy with their career and personal development and nearly 36% said they were unhappy with their mental health. “While businesses have a lot on their agenda as they
try and stay resilient in the face of financial pressures, there is a clear link between worry, uncertainty, poor performance, absence and sickness levels at work amongst employee which has a direct impact on bottom line costs,” says Heidi Allan, Financial Wellbeing Senior Consultant at LCP.
FINANCIAL WORRIES A MAJOR SOURCE OF EMPLOYEE STRESS Another recent report by Champion Health found that 30% of employees cited financial wellbeing as a cause of stress outside of work. The Workplace Health Report 2022 suggests that many employees are still struggling, despite the best efforts of organisations. “Money worries have an impact on both an
employee’s physical and mental health, which inevitably has an impact on their work performance,” says Laura Dallas, Champion’s Wellbeing Lead. “In these uncertain times, providing financial well-being support is vital from both a moral and business angle.” There is an inherent link between productivity and
employee wellbeing. Morale and productivity declines when an employee is dealing with a lot of stress as it has such a huge effect on time and brainpower, says Harriet Shepherd, financial wellbeing manager at financial advisers St. James’s Place. “It’s impossible to ringfence a period of time
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