According to Reward Gateway’s recent research*, 45% of employees who rate their wellbeing support as ‘poor’ say that cost of living pressures are making it more difficult to focus and be productive at work.
With inflation causing steep rises across many day-to-day costs, employees are looking to their employers to help support their financial wellbeing. Employers are facing more pressure to respond to this before it leaves a serious dent in workforce health and performance.
Research from CIPD shows that nearly a third (28%) of employees are expressing that money worries have impacted their work performance, either through lost sleep, mental health problems such as stress or anxiety, or lack of focus. This directly impacts employees’ productivity, and therefore it is something employers can’t afford to sweep under the carpet.
The more promising news, according to our research, is that where employees rate their wellbeing support as ‘good’ or ‘excellent’, only 27% are finding it harder to focus on work. There are ways employers can better support employees’ financial wellbeing, and hybrid working is one of them…
Read three main ways remote work improves employee financial wellness on our blog.
- Cut down commuting costs
- Reduce childcare expenses
- Lessen ‘office wardrobe’ spend