Employees left under financial pressure in 2020

A Workplace Wellbeing Study has been released by Hastee where it has uncovered the extent of stress management and financial stress faced by UK employees in 2020. It has some interesting reports and figures on how businesses and their employees fare when it comes to financial wellbeing at work and the overall stress management of their employees.  

There are some really stark results in the report. One is the widespread reliance on the high cost of credit employees are facing and the knock-on effect this is having on overall business productivity. Many of these employees are feeling let down by the lack of support and financial wellbeing initiatives available to them from their employers. 

Also in, the 2020 study, it shows how, with the impact of the current coronavirus pandemic, the results have been exacerbated, with workers detailing how they have worked, earned, saved, spent and stressed about finances. 

Fewer than one in five (18%) workplaces offer staff financial wellbeing initiatives. 28% of respondents have said personal finance-related stress is affecting their sleep, 15% their relationships with partners, 14% on their health and 13% concentration at work. 12% have also said financial pressures are affecting their ability to pay for their commute to and from work, and 7% have been absent from work and called in sick due to financial pressures.

Financial pressures are a taboo subject, with many employees too embarrassed to speak out, but they want help with their stress management and finance-related stress. This stress is then having a negative impact on their lives, then, in turn, is having a knock-on effect on staff loyalty and retention.

Alan Ballard, Partnership Director at UKIM, commented  ‘Employees are coming under increasing financial pressure during this time. Financial worry affects employee productivity and sleep patterns. Occupational Health providers have a key role to play in advising employers that part of the rehabilitation toolkit available to staff is financial advice and signposting through Employee Assistance Programmes.’

At UKIM, we aim to develop strong relationships with employers to maintain and improve the occupational health & employee wellbeing of their workforce to reduce stress management. 

Our consultative approach means that you will receive a service entirely designed to support your business and its employees.

For further information on how we can support you and your employees, click here.