Helping employees with financial well-being. Why should you?
A recent report shows that 53% of people don’t believe their employer cares about helping employees’ financial well-being. Another sad statistic to kick off this blog (it gets more positive towards the end, we promise).
Whether or not this is true, the reasons why employers should be helping employees with their financial well-being goes way beyond what many see as a “goodwill act”.
According to HR magazine, one in five people has experienced being less productive at work due to lack of sleep caused by money issues. A study performed by the European Journal of Public Health also found that poor physical functioning was significantly higher among respondents having current economic difficulties.
A report by EY from 2020 helps us put this into perspective and, as is EY’s speciality, figures:
- They found that almost 20% of employee turnover is attributed to financial stress.
- They estimate the cost of this problem for UK and US employers is a combined at a whopping $300bn per year.
TLDR: Financial stress may be making your employees sick, tired, stressed, depressed, sleepless and too exhausted to work.
Helping employees with their financial wellbeing is often about giving them more control of their money. Look into an Earned Wage Acces solution, like Orka Pay.