73% of adults say their stress levels have been higher since the COVID pandemic [1] and now, according to our recent survey, the cost of living crisis is contributing to 82% of employees worrying about money at least once a week. As a result, employers are increasingly recognising that they need to put in place support mechanisms to help address employee mental health across all levels of their workforce.
Some employees are responding by prioritising their mental health more as they look for ways to improve their wellbeing and help them unwind. However, many employees will not. It’s these people that need extra support and encouragement from their employers to look after themselves.
The importance of employees’ mental health
With a large proportion of people’s time being spent at work, it’s crucial that employers make their employees’ mental health a priority.
When staff members feel supported, they’re usually in a better position to perform well in their job. They’ll likely be more engaged in meetings, organised, proactive and generally more efficient and therefore productive. The cost of not providing the support they need is that poor mental health among employees can have severe impacts on businesses.
How financial worries impact employee mental health and your business
Worrying about money isn’t limited to only those struggling with debt or younger workers who are typically lower-paid (around half of under 35-year-olds say financial pressures impact their ability to do their job [2] ); everybody can struggle with money worries at any point, depending on their household incomings and outgoings.
Financial wellbeing isn’t about how much people earn, it’s about feeling in control of your finances, no matter what the salary. The link between financial wellbeing and mental health is one you should be considering if you want your workplace to be performing at its best.
Financial worries can start a domino effect of health issues by increasing stress levels, which often disturbs sleep. Stressed, worried, and tired employees find it harder to concentrate at work. They become easily distracted and struggle to maintain focus.
If stress persists it can turn into poor mental health and can even trigger physical health problems. Short-term problems caused by stress that are likely to be experienced first include:
- upset stomach
- neck aches
- eye problems
- headaches
Frequent periods of stress that go untreated run the risk of developing into more serious health conditions, such as:
- high blood pressure
- heart disease
- obesity
- diabetes
Not to mention that when budgets become tight it might mean spending on the things that support physical health, such as leisure activities and gym memberships, could be cut back.
29% of employees say that financial pressures affect their behaviour at work. [2] And it’s estimated that £1.56bn a year [3] is the cost of financial stress to UK businesses due to lost productivity, absenteeism, and recruiting lost talent. So, if you’re looking to support employee retention within your workplace, taking steps to support financial wellbeing within your business makes good business sense.
As an employer, can you really afford not to be taking steps to prioritise your employees’ mental health?
Sources
[1] Mintel UK Oral Care Market Report, 2021
[2] LCP Financial Wellbeing Report
[3] Aegon