Supporting employee wellbeing through the cost-of-living crisis
With UK inflation at a 40-year high and the price of everyday goods such as food, energy and petrol skyrocketing, the cost-of-living crisis is having a huge impact on employee wellbeing.
The State of Financial Wellbeing report found that 96% of employees have seen their living costs rise and 70% are now worrying more about money, with 76% suffering a decline in their mental health as a result.
This paints a concerning picture for employers, with separate research from the Centre for Economics and Business showing that as many as one in ten (10%) employees missed days at work due to financial worries and nearly a fifth noticed a drop in productivity. People are a company’s biggest and most valuable asset, so employers must do all they can to support their physical and mental wellbeing. So what steps can employers take to support their workforce?
Start with prevention
Prevention, along with early detection and access to the right support, is key to a thriving workforce. Unfortunately, the UK’s healthcare system is under huge pressure at this time, particularly in the wake of the Covid-19 pandemic, and many people are now waiting longer for initial consultations, diagnoses and support.
With more people looking to cut costs in order to offset the rising cost of living, offering integrated health benefits can ensure that staff are not neglecting important treatments, check-ups or health screenings in order to save on their expenses.
Providing increased accessibility to healthcare professionals can make a huge difference if employees are feeling worried or stressed. There are a range of tools and support systems available, including access to 24/7 virtual GPs.
Some employees may also feel guilty or struggle to take time off to attend a doctor’s appointment during working hours but if employees fail to attend medical appointments, they risk missing out on treatment and potentially allowing health conditions to worsen. Offering employees round-the-clock access to healthcare means they can receive support and help as and when they need it, without the added burden of waiting times.
Mental health front of mind
It’s not just physical health that can worry employees, with mental health also affecting as many one in six workers. Thankfully, we’ve seen growing awareness around the importance of mental wellbeing in the workplace in recent years, but there’s still some way to go. Only a quarter of people who had suffered from a mental health issue said they had received help from their employer, and 50% said they were too embarrassed to admit they had a problem.
The cost-of-living crisis is only likely to exacerbate this issue. Those with mental health problems are nearly twice as likely as those without to say they have felt unable to cope due to the rising cost of living, and many have been forced to make significant changes to their day-to-day lives as a result. Creating safe spaces for people to talk about their worries and sharing accessible, meaningful advice and resources can help break down the stigma around financial worries and mental health.
As well as virtual GP appointments, digital triage services that offer employees access to mental health and wellbeing services, utilising AI tools such as chatbots to provide immediate physical and mental health support and guidance, can be really useful.
Holistic services
However, it’s important that employers don’t view employee health and wellbeing as a box-ticking exercise, but rather as a holistic, integrated service that gets the most out of their workforce. Traditionally, different parts of a company have acted in silo, but adopting a joined-up approach, integrating employee resources such as healthcare, employee assistance programmes and occupational health, will ensure that employees receive the most appropriate immediate care.
But, as with any benefits, there isn’t a one size fits all solution that will work for every organisation and it’s important that employers listen to what their employees need and want. Thanks to the inbuilt flexibility of a Healthcare Trust, examining the data and understanding the trends to see what services are more commonly used, and what employees have requested the most, can ensure that employers are providing a healthcare package that is not only fit for purpose, but also offers the greatest value for money for the business compared with private medical insurance.
Work is a huge part of our lives and employers need to recognise the power they have to positively influence how their employees feel during times of hardship. It is not simply the right thing to do morally, but it makes good business sense too. Absenteeism due to financial distress is estimated to cost UK employers as much as £2.5 billion per year, while the cost of presenteeism is thought to be even higher.
Offering a competitive health benefits package and supporting employees through the current cost-of-living crisis will not only help those who may be struggling but will ensure organisations reap the benefits of a happier, healthier, more content and productive team.
