Is your workplace wellbeing programme firing on all cylinders?

Mental ill health knows no boundaries.

Whether it stems from personal or work-related pressures, it hits the workplace hard.

In 2022-2023 of the 35.2 million working days in the UK lost to absence, a staggering 24 million working days were lost as a result of anxiety, stress and depression.

The impact on employers does not stop there.

Presenteeism, retention and performance issues hit bottom and top lines. Costs, profit and sustainability suffer.

There is encouraging news.

Two- thirds of senior leaders are reported to be embracing workplace wellbeing.

Then the news dims.

There is a disconnect between top tier management and the workforce. It is not always being reached by the people who need to deliver and those that could be helped to receive it.

They go on to report …

The good news

Mental health wellbeing support is on the rise.

We are seeing sizeable increases in employers training their line managers, supervisors and team leaders as Mental Health First Aiders.

There are mental health awareness events, counselling available through Employee Assistance Programmes and wellbeing spaces for people to have a confidential chat.

The not so good news

Something is missing, which disproportionately, adversely affects mental health.

A pillar of workplace wellbeing that is not as well understood nor recognised compared to mental health support.

Employee Financial Wellbeing.

I’m not just talking higher pay (though that helps).

Financial education and wellbeing are inextricably linked.

It includes who, how, when and where to get help from.

What to do when faced with a debt issue or financial emergency (crisis), coping with destructive negative thinking, thoughts and poor money habits.

It’s about being empowered, to be resilient, in control and safe during the tough times. And make better financial decisions for the good times too.

Why low employee financial wellbeing is a problem for employers

Money worries are a major cause of stress in the workplace.

With close to 24 million working days lost to anxiety, stress and depression, financial worries account for a serious amount of work time lost.

Large swathes of the population are in financial crisis or just about surviving month to month, a pay-check away or an unexpected repair such as a boiler breakdown, from financial meltdown.

Do you know, what proportion of your people are:

-      In financial crisis (using food banks, about to lose their home, energy supply, waiting for the bailiff to knock on their door or feeling suicidal because of their finances)

-      Just about surviving

-      Or thriving?

It goes without saying, though I will, people’s mental state affects their work productivity, performance and attitudes, which impacts organisations, financially, strategically and operationally.

Moving forward, the CIPD wants organisations to focus on the wider dimensions of wellbeing, including financial wellbeing.

What if you had;

-      A structured Employee Financial Wellbeing Programme

-      Financial Wellbeing First Aiders

-      Managers, Team leaders and Supervisors who are trained, empowered and upskilled to support your people, saving time, performance and HR issues from escalating and disrupting your operations

Could having a Financial wellbeing pillar as part of your wider wellbeing programme be good for your people and organisation?

To see how an employee financial wellbeing programme could help you, click here