[UK] 1 in 5 employees believe cost of living crisis is impacting their performance

The results of a new survey exploring work benefits and employee satisfaction has revealed that nearly half of UK employees believe their mental health has been impacted by the cost of living. And, for one in five, work performance has been affected too, SmallBusiness.co.uk reports.

The challenges of living through the cost of living crisis are having a knock-on effect to many aspects of life. According to The Mental Health Foundation, UK adults are not sleeping well, they are seeing friends less and not exercising as much. All things that can have a significant impact on mental wellbeing. The financial worries faced by most are also affecting their ability to perform well at work.

With concerns about affording food and energy, amid rising prices, people can easily experience increased stress levels and suffer poor mental health. And the impact on employees is subsequently passed on to employers too. SmallBusiness.co.uk and Drewberry explore how the cost of living is impacting work performance and the ways employers can help.

The cost of living crisis is also a mental health crisis

Employee Benefits Consultancy Drewberry conducted a survey asking UK employees about their work benefits and satisfaction. The findings revealed that nearly half of UK employees (47 per cent) agree that their mental health has been affected by the cost of living.

This startlingly high percentage is understandable because of the huge role money worries can have in causing stress, depression and anxiety. Fears about finances reportedly play a big part in how someone is feeling. If an employee is under stress from financial concerns it can lead to a drop in motivation and productivity.

Drewberry’s survey also found that 21 per cent of staff think the cost of living crisis is affecting their performance at work. Employers may notice increased instances of absence and a notable decrease in their employees’ ability to work.

Employers could be doing more

Employees feel their employers have let them down during the crisis. The survey revealed more than half of employees thought their employer wasn’t doing enough to support them.

Insufficient support is a cause of unhappiness for employees. 31 per cent of respondents reportedly said lack of support is what makes them unhappy at work. This figure is bad news for companies; job dissatisfaction can lead to higher turnover, decreased performance and a lower quality of work.

Being an employer is about more than providing an annual salary. Caring for employees is the key to staff retention and maintaining a happy, productive workforce. The benefits of supporting employees are well documented, they include increased productivity, better staff retention and reduced sick leave.

UK public sector strikes are a topical example of what happens when staff feel undervalued at work and they reiterate the importance of caring for employee wellbeing. Even if employers are unable to offer pay rises during the crisis, many other valuable options remain.

What can employers do?

Drewberry asked employees what support they want from their employer, the results revealed that:

• 67 per cent would like a pay rise
• 25 per cent want one-off payments to combat the cost of living
• 23 per cent of staff want an increase in remote working options
• 16 per cent want travel subsidies to help with commuting costs
• 16 per cent said free food and drink in the office would be supportive

Businesses may incur a cost to put these supports in place, however, they will be highly valued by employees. Listening to employees’ needs is another way to improve retention and attendance and build a positive workplace culture. In return for the investment in employee well-being, employers will see a more engaged and productive team.

According to Drewberry, the following benefits may be beneficial for teams struggling with the cost of living:

• One-off cost of living payments  
• Subsidised meals in the workplace  
• Flexible working options to support individual employee needs  
• Financial wellbeing benefits, such as discounts and rewards and financial advice
• Salary sacrifice arrangements, like cycle-to-work schemes and workplace pension contributions  
• Employee Assistance Programmes (EAPs)

Source: SmallBusiness.co.uk

(Links via original reporting)

The results of a new survey exploring work benefits and employee satisfaction has revealed that nearly half of UK employees believe their mental health has been impacted by the cost of living. And, for one in five, work performance has been affected too, SmallBusiness.co.uk reports.

The challenges of living through the cost of living crisis are having a knock-on effect to many aspects of life. According to The Mental Health Foundation, UK adults are not sleeping well, they are seeing friends less and not exercising as much. All things that can have a significant impact on mental wellbeing. The financial worries faced by most are also affecting their ability to perform well at work.

With concerns about affording food and energy, amid rising prices, people can easily experience increased stress levels and suffer poor mental health. And the impact on employees is subsequently passed on to employers too. SmallBusiness.co.uk and Drewberry explore how the cost of living is impacting work performance and the ways employers can help.

The cost of living crisis is also a mental health crisis

Employee Benefits Consultancy Drewberry conducted a survey asking UK employees about their work benefits and satisfaction. The findings revealed that nearly half of UK employees (47 per cent) agree that their mental health has been affected by the cost of living.

This startlingly high percentage is understandable because of the huge role money worries can have in causing stress, depression and anxiety. Fears about finances reportedly play a big part in how someone is feeling. If an employee is under stress from financial concerns it can lead to a drop in motivation and productivity.

Drewberry’s survey also found that 21 per cent of staff think the cost of living crisis is affecting their performance at work. Employers may notice increased instances of absence and a notable decrease in their employees’ ability to work.

Employers could be doing more

Employees feel their employers have let them down during the crisis. The survey revealed more than half of employees thought their employer wasn’t doing enough to support them.

Insufficient support is a cause of unhappiness for employees. 31 per cent of respondents reportedly said lack of support is what makes them unhappy at work. This figure is bad news for companies; job dissatisfaction can lead to higher turnover, decreased performance and a lower quality of work.

Being an employer is about more than providing an annual salary. Caring for employees is the key to staff retention and maintaining a happy, productive workforce. The benefits of supporting employees are well documented, they include increased productivity, better staff retention and reduced sick leave.

UK public sector strikes are a topical example of what happens when staff feel undervalued at work and they reiterate the importance of caring for employee wellbeing. Even if employers are unable to offer pay rises during the crisis, many other valuable options remain.

What can employers do?

Drewberry asked employees what support they want from their employer, the results revealed that:

• 67 per cent would like a pay rise
• 25 per cent want one-off payments to combat the cost of living
• 23 per cent of staff want an increase in remote working options
• 16 per cent want travel subsidies to help with commuting costs
• 16 per cent said free food and drink in the office would be supportive

Businesses may incur a cost to put these supports in place, however, they will be highly valued by employees. Listening to employees’ needs is another way to improve retention and attendance and build a positive workplace culture. In return for the investment in employee well-being, employers will see a more engaged and productive team.

According to Drewberry, the following benefits may be beneficial for teams struggling with the cost of living:

• One-off cost of living payments  
• Subsidised meals in the workplace  
• Flexible working options to support individual employee needs  
• Financial wellbeing benefits, such as discounts and rewards and financial advice
• Salary sacrifice arrangements, like cycle-to-work schemes and workplace pension contributions  
• Employee Assistance Programmes (EAPs)

Source: SmallBusiness.co.uk

(Links via original reporting)