The number of employees voicing wellbeing concerns is on the rise, but a significant number of organisations and managers are ill-prepared to address them, according to new research from Mintago.
The fintech startup surveyed 503 senior managers within UK-based organisations (public and private sector). This revealed that an overwhelming majority (87%) have been approached by an employee in the past 12 months to discuss concerns relating to their wellbeing.
Following mental health (48%) and job satisfaction (43%), financial wellbeing (40%) emerged as the third most prevalent concern that employees spoke to their managers about.
Of those who had discussed financial wellbeing issues with employees, 68% of managers cited the cost-of-living crisis (68%) as the predominant source of concern. This was followed by requests for a pay rise (50%), keeping up with rental or mortgage payments (46%) and worries about debt (43%).
Despite financial wellbeing issues being so common, Mintago’s research found that a third (33%) of organisations do not have a clear process in place for handling employees’ wellbeing concerns. Furthermore, almost half (47%) of managers say that, on a personal level, they are uncomfortable handling their colleague’s financial wellbeing concerns.
Chieu Cao, CEO of Mintago, said: “We should not be surprised to see financial wellbeing concerns on the rise – the cost-of-living crisis has been an assault on people’s finances, and money worries are naturally very common. Yet these findings act as a stark wake-up call regarding the dearth of support structures within many workplaces, and it’s crucial that organisations of all sizes and sectors take note.
“Almost nine in ten managers across the UK have had an employee come to them with wellbeing issues, with financial wellbeing one of the most common. However, a lack of support structures and meaningful solutions are harming both managers and their staff, and this must be addressed.
“Ignoring or downplaying these concerns – no matter how uncomfortable they may be to talk about – risks not only the health and happiness of employees, but also the overall productivity and success of an organisation in the long run. It’s time for leaders to build a culture that allows their workforce to raise concerns with confidence, and then back this up with robust tools that deliver support in the areas employees most need it.”