Welcome to the July BMG Employee Research News Update.
In this edition we continue to focus on the latest news and insights on Workplace Health and Wellbeing. Recent research has found that when employees struggle financially there is a major knock-on effect for businesses, affecting employee performance and the bottom line. Yet, historically, financial wellbeing hasn’t featured prominently in most organisational wellbeing strategies (The Wellbeing Pulse, Bank Workers Charity).
Latest insights from BMG’s National Employee Panel
Financial Wellbeing: Can your business afford to ignore the facts?
The BMG Research Employee Panel (made up of a representative sample of 1,000 UK employees) was surveyed in June 2017. The results highlight that financial concerns prey on people’s wellbeing and have serious implications for businesses.
View the Infographic here…
Our survey showed that…
- 42% of employees say they have worried about money all the time or often in the last few weeks, and 29% anticipate being less financially secure in the next 12 months.
- 41% of employees who report worrying about money in the last few weeks also report feeling stressed all or most of the time at work…and only 11% say they feel energetic.
- Yet, we found that as high as 60% of employees that worry about money find it uncomfortable talking to their manager about financial wellbeing.
- Managers play a critical role in improving employee wellbeing, and we see that levels of engagement double among staff who feel their manager cares about their wellbeing, and they are 4 times more likely to be inspired to do their best in their job.
- Half of employees say they would benefit from support from their employer in terms of improved financial literacy and knowledge (49%).
In the news: the best of the rest
Financial Wellbeing Initiatives: Why you can’t afford to ignore them
A 2016 blog by Benefex reported that 70% of employees think about their finances while working, and 1/3 admit that financial concerns prevent them from achieving their best at work. Supporting BMG’s findings above, half of employees want help with financial decisions, and there is a direct correlation between financial wellbeing initiatives and a positive result for you as employers.
Yet there is a distinct lack of knowledge and understanding that seems to be a huge contributor to the detriment of an individual’s financial wellbeing. Misinterpreting terminology like APR is leading people to put trust in payday loan companies and increase their debt further.
Low financial wellbeing is associated with higher employee absence and stress
A 2017 survey by the Chartered Institute of Personnel and Development found that low financial wellbeing is associated with higher employee absence and stress, and poorer employee mental health, performance, and decision making and focus.
Boost financial wellbeing and we can boost productivity. However, while better employee financial wellbeing has the potential to motivate employees, this will only translate into higher productivity if workers also have the ability and the opportunity to perform. If employers want to take advantage of this, they need to ensure that their HR practices – such as recruitment and selection, training and development, and reward and recognition – translate the workforce motivation into workforce performance.
What’s new at BMG Research?
How embedded are the One Rotherham Values?
BMG is really pleased to have been commissioned by Rotherham Metropolitan Borough Council to undertake their first employee opinion survey for some time. The Council has been through some challenging times and with a new senior team appointed in 2016, the results are eagerly awaited. Read more
BMG re-commissioned for third employee opinion survey
BMG is pleased to have been re-commissioned by Cambridge City Council to undertake their third staff survey in six years.
From frontline workers, to senior management – all 750 staff members will be given the opportunity to have their say on the issues that matter to them. Read more