In an era of economic uncertainty, more and more employees face financial difficulties. The net result is that many hardworking professionals are battling to pay bills and rent, which can seriously affect their mental health and overall productivity.
So, it’s essential for employees to think thrifty to save money. You can help them to do just that – which can have a positive impact on your organisation!
If an employee is struggling with their money situation, it can cause a great deal of mental strain and severely affect their quality of work. Employees may even decide to leave your business in favour of a higher paying role elsewhere.
In recent years, this has fed into the hands of payday loan providers charging extortionate interest rates and placing further financial strain on those most in need. In recent months, it is with great relief and a twisted sense of pleasure to see companies such as Wonga collapse into administration.
Through the likes of salary benchmarking, salary reviews, and bonuses, you can ensure your employees are paid well and receive additional benefits. Happy employees will more likely stay with your business and they’ll work to a higher standard.
Dr. Shaun Davis is the director of safety, health, wellbeing, and sustainability with the Royal Mail. At a 2019 conference at the Mad World Summit he said:
“You’ve got physical health, mental health, and financial health, each making up one point on the triangle. Now, you might think, ‘So what? What does that actually tell me?’ Well, in a very simple way, your financial health has an impact on your physical health, which has an impact on your mental health, which has an impact on your financial health.”
Terryberry can help - we have introduced financial wellbeing products to a number of national clients as part of their overall employee benefits package and the results speak for themselves.
HR departments are reporting better staff retention rates, more engaged employees, and a reduction in the number of days missed due to illness. This means happier staff with less concerns over how they are going to make ends meet every month.
In lower paid roles, this benefit can make a huge difference to the overall quality of your employees’ financial health and in turn, their physical and mental health.