The majority (87%) of organisations have been approached by an employee in the past 12 months to discuss concerns relating to their wellbeing, according to new research from Mintago.
The fintech startup surveyed 503 senior managers within UK-based organisations in both the public and private sector, and found that mental health (48%), job satisfaction (43%) and financial wellbeing (40%) were the most prevalent concerns that employees spoke to their managers about.
Of those who had discussed financial wellbeing issues, 68% of managers cited the cost-of-living crisis (68%) as the main source of worry. This was followed by requests for a pay rise (50%), keeping up with rental or mortgage payments (46%) and worries about debt (43%).
Furthermore, one-third (33%) of organisations do not have a clear process in place for handling employees’ wellbeing concerns, and 47% of managers revealed that they are uncomfortable handling their colleague’s financial wellbeing concerns on a personal level.
Chieu Cao, chief executive officer of Mintago, said: “We should not be surprised to see financial wellbeing concerns on the rise; the cost-of-living crisis has been an assault on people’s finances, and money worries are naturally very common. Yet these findings act as a stark wake-up call regarding the dearth of support structures within many workplaces, and it’s crucial that organisations of all sizes and sectors take note.
“However, a lack of support structures and meaningful solutions are harming both managers and their staff, and this must be addressed. Ignoring or downplaying these concerns, no matter how uncomfortable they may be to talk about, risks not only the health and happiness of employees, but also the overall productivity and success of an organisation in the long run. It’s time for leaders to build a culture that allows their workforce to raise concerns with confidence, and then back this up with robust tools that deliver support in the areas employees most need it.”