A recent survey of 200 HR professionals found that 61% said that employee mental health and work performance is being increasingly impacted by financial well-being issues.
Financial well-being entails being in control of one’s finances; having the capacity to withstand financial shocks; having confidence in the future; and having choices on how to spend and save.
While 64% of the HR professionals who responded to the survey agree that tackling such issues would boost productivity and engagement and 58% said momentum is growing to provide support, many admit they simply do not currently understand how their organization’s help could make a difference.
67% of the respondents said they need to know more about the link between financial well-being and mental health issues, and a similar percentage (66%) said there needs to be more clarity on best practices on tackling financial well-being at work.
Financial well-being in the workplace is a growing issue for businesses, with organisations reporting a rise in concerns about the impact on mental health and company performance. Companies appreciate they need to understand more about the issue so they can provide support for employees, but at the same time there is concern that there are no agreed best practice standards on how to implement financial well-being programs.
A good way to start would be to include financial well-being advice within employee assistance programs that address mental health issues, said 61% of the respondents.
There is no magic solution to improving financial well-being in the workplace, but a well-designed employee benefits program is a good place to start. The potential business benefits in terms of more productive employees are clear.
For further advice & support see Debt Management Program at https://eapassist.com.au/digital/