POSTED: September 29 2021
Financial wellbeing predicted as the next challenge for HR

Financial wellbeing predicted as the next challenge for HR

65% of HR decision makers are predicting that financial wellbeing will become the next big employee challenge.

New research, surveying more than 500 HR leaders from UK businesses, reveals that two thirds (65%) of HR decision makers predict that financial wellbeing will become the next big employee challenge.

Monetary concerns during the pandemic led to almost half of workers experiencing increased anxiety and stress. Four in ten claimed financial challenges had a negative impact on employee productivity and motivation.

52% said their staff now look to their employer for support on issues such as personal debt and retirement savings. As many as 36% of employers have increased their contributions to employee pensions beyond the legal minimum, while 34% plan to do so within the next two years.

In addition, 29% have referred their workers to financial advisers for advice on their current and future financial issues, including saving for retirement. 54% agree their business need to do more to support employees with financial wellbeing issues.

It is crucial for employers to take the lead in supporting their employees with financial wellbeing by fostering a culture of support and engagement, in order to create happier and more productive workplaces. Talk to advo today about how to foster an organisational culture of support!