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11 Jan 2018

How can fairer finance benefit your employees’ mental health?

A recent report commissioned by Prime Minister Theresa May, discussed the potential positive impact of nurturing and supporting mental health in the workplace.

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The report , Thriving at Work, also highlighted statistics from the Department of Work and Pensions, revealing that 300,000 people with a long-term mental health problem lose their job each year and the impact that this can have on their lives and long-term goals.

How does poor mental health impact the workplace?

According to the report, 15% of people at work have symptoms of an existing mental health condition. Even with these statistics, it’s likely that many employers may not understand mental illness and how it can affect the workplace and impact on productivity and engagement as well as their employees’ welfare.

As a result of this, employees may feel that they are not being supported and this is likely to significantly increase the chance of further absence from work. Although problems with mental health may not be immediately visible to an employer, the effects on the workplace are evident. This can range from reduced productivity, reduced motivation, excessive absenteeism and lateness, and can even result in employees leaving the workplace.

How can employee benefits help?

The research report, The DNA of Financial Wellbeing 2017, has shown that 33% of employees feel that financial worries are their biggest concern. Worrying about finances can have a negative impact on mental health, exacerbating conditions like stress and anxiety which can lead to increased levels of distraction and a poor work/life balance for employees.

With years of zero or minimal pay rises, employees are under increasing financial pressure. A fairer finance solution that can give staff access to affordable loan rates and allows them to consolidate other high interest loans charged by payday lenders and credit card companies can reduce employees’ finance outgoings and leave them with more disposable income.

This can help to reduce stress and anxiety caused by financial worries which can directly impact on workplace performance. All of these support measures can be put in place quickly by employers and can help employers better support the mental health of their workforce, enabling staff to stay in or get back to work, meaning its an investment you just can’t ignore.

This article was supplied by Busy Bees Benefits.

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