How to spot signs of poor financial wellness in the workforce

According to research conducted by the Money and Mental Health Policy Institute, 5% of employees in the UK are saying that they are finding it difficult to make ends meet. This is nearly one million people who may be experiencing an effect on their motivation and performance in the workplace.

Spotting the signs of poor financial wellness early can mean that employees are more likely to receive the support they need at the right time, but what exactly should employers look out for?

Unexpected absences

Poor financial wellness can cause problems that may result in unexpected absences for an employee who may have otherwise rarely called in sick. This could be down to a financial emergency in itself, such as transportation issues, childcare or down to stress due to financial wellbeing.

Distraction at work

It's important to get the balance right between work and personal life, and worrying about making ends meet can quickly seep into the work environment.

Distractions mean that an employee is less likely to be focusing on work and may be worried or stressed about financial issues at home. This could be down to struggling to focus because of worrying about a payment or being distracted from tasks through making lots of personal phone calls. These distractions can impact performance, as well as working relationships with colleagues.

Stress and effects on mental health

Employees that are struggling financially may also be, in turn, struggling with increased levels of stress. This is likely to have a knock-on effect on the individual's sleep, concentration and subsequently their productivity and motivation.

This sign may be difficult to spot for employers, but can have a huge impact on an employee's work/life balance and in turn their ability to focus and perform well at work. Luckily, there are solutions to this.

What next?

There are many achievable and cost-effective programmes that employers can work with in order to invest in their employee's financial wellbeing and avoid reaching a crisis point.

By implementing benefits such as Employee Assistance Programmes, childcare and discount schemes, employees are more likely to feel supported without judgement, are less likely to feel pressurised at work and can improve their balance between work and personal life. This will benefit both employee and employer in the long run, and makes for a happy and healthy workforce. 

This article was provided by Busy Bees Benefits.