UK companies should take action to support employees facing financial difficulties, says workplace mental health consultancy, Mente.
New data from HR Grapevine has revealed that 69% of employees are currently worried, stressed, or anxious about their financial situation. These financial concerns are largely fuelled by the COVID-19 pandemic, which is believed to have left 8.6 million people with a reduced income. Despite money worries being so prevalent, many employers have not provided their workers with enough communication on the topic, or about the impact of coronavirus.
In fact, 59% of UK employees surveyed felt that they were either not getting any information from their employer, or that they would like more information, about the current situation.
Mente helps businesses to manage stress and mental health. They are advising all employers to reach out to employees to remind them of the support available to them.
Mel Joseph, founder and director of Mente, has said “There is an undoubtable link between money and mental health and many people are now struggling. We understand that many businesses are experiencing financial challenges, but the experience of workers must not be forgotten. Although companies can’t solve all of an employee’s financial problems, there are supportive steps they can take.”
Mel added, “Good communication is vital. Many workers are feeling insecure about their jobs and finances, and timely and open communication is key to reducing this. Employers must cascade regular messages to employees to avoid unnecessary anxiety from growing.”
She advised, “Remind employees of the help that is available to them. Signpost them to financial support services, and explain the help that may be available to them through the government, like mortgage holidays. If your organisation offers employees a specific workplace finance solution, you must remind employees of this too.”