64% of UK staff are stressed about their finances
The cost of living crisis is negatively impacting employees mental wellbeing. The Royal College of Psychiatrists estimates that the cost of living crisis poses a threat of pandemic proportions to the nations mental health (June 2022). With 30% of adults saying they have no where to turn and 3 in 4 employees having never discussed their finances with their employer its imperative that early help is available. So what can you do to help? If raising salaries or providing financial assistance isn’t an option, how can you provide practical and meaningful support?
Our brains primary job is to ensure we survive and our most basic needs are for food, water, shelter and human connection. When the availability or perceived availability of one or more of these is uncertain, it becomes incredibly difficult to access the parts of our brain responsible for productivity, creativity and collaboration. This has a negative impact on our cognitive functioning at work. Alongside which, the increased stress can also cause a host of physical symptoms, leading to increased absenteeism.
Any support offered should start with a conversation and trying to understand what difficulties your employee is facing. If appropriate you could provide support in the following ways:
- Employee Benefits
- Money Advice Service
- National Debtline
- Citizens Advice
- Money & Pension Service
- Quiet space to make personal calls.
- Review hybrid working arrangements
- Flexibility in working hours to accommodate other responsibilities and reduce stress.
For more ways to support your employees, including how to show you care and have those difficult conversations, watch our 30 minute webinar on YouTube.