It would be naïve to assume that employees leave their financial worries behind them when they start their working day. According to research by the Institute of Employment Studies in 2009, employees with financial worries were likely to be less productive by around 4% of payroll.
Fast forward to today and the effect that Covid-19 is having on employees’ financial and mental health.
As an employer you might be best placed to help by, for example:
- Offering access to financial education, thereby supporting employees to manage their own situation or pointing them in the direction of expert advice.
- Offering access to counselling to support employee’s mental health where their situation has become overwhelming.
- Supporting with medical costs; given potentially unergonomic home working conditions employees may need to visit a chiropractor or physio.
We must not forget that times are tough for some employers too but supporting employees does not have to be costly and could have a really positive effect on the wellbeing of employees and productivity of the business.