Neyber: Research shows how financial worries affect employee behaviour and relationships
Research of 10,000 UK employees shows that 40% say financial worries have a negative impact on their relationships at work, and 44% say they negatively impact their behaviour. The findings, from Neyber, could doubly impact employees and employers as people increase debt over the holiday season.
Heidi Allan, head of employee wellbeing at Neyber, said,
“The additional pressure and stress associated with money issues affects how we interact with others and can make everyday activities more challenging than usual.
“What’s more, a new report from the debt advice charity National Debtline tells us that 37% of employees put Christmas expenses on credit last year, so it is likely that their tension will magnify in January. Although staff spending is not an employer’s issue, there is great scope to support staff with financial wellbeing and education so they can start 2019 in the best possible way, helping them reduce stress and increase productivity.”
Employers can help by:
Creating an environment of trust in the workplace to provide employees with safe and confidential support for their financial worries.
Providing financial support and services through an Employee Assistance Programme or financial wellbeing provider. These provide employees with a trusted solution to safely discuss their concerns and be signposted for more support.
Getting everyone to play their part. HR might be in charge of deciding what’s included in a financial wellbeing strategy, but line managers are best placed to spot warning signs, such as a drop-off in performance. Managers can be trained to have open conversations with their employees to make sure they are aware of what’s on offer to help employees.
Allan added:
“It is a widely known fact that employees often struggle to manage finances, which can be a very lonely feeling. Seven percent don’t know who to turn to and 16% handle it on their own. Perhaps not surprisingly, just 3% would go to their HR team, or 5% to a manager, but it is possible for HR and employers to create a supportive environment for staff without going to great expense themselves.”