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, brings attention to the increasing prevalence of financial wellbeing concerns. He highlights that the cost-of-living crisis has placed a severe strain on individuals’ financial stability, resulting in heightened levels of money-related stress. This observation serves as a compelling wake-up call to the existing inadequacy of support systems within numerous workplaces. Cao stressed the critical importance of organisations, regardless of their size or sector, recognising this issue.
Cao further emphasises that nearly nine out of ten managers in the UK have encountered employees seeking assistance with various wellbeing issues, with financial wellbeing being a common concern. Unfortunately, Cao pointed out that the lack of comprehensive support structures and effective solutions is causing harm to both managers and their staff, underscoring the pressing need for rectification.
In Cao’s words,
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.
Chieu Cao, CEO of Mintago
Joanne is the editor for Workplace Wellbeing Professional and has a keen interest in promoting the safety and wellbeing of the global workforce. After earning a bachelor's degree in English literature and media studies, she taught English in China and Vietnam for two years. Before joining Work Well Pro, Joanne worked as a marketing coordinator for luxury property, where her responsibilities included blog writing, photography, and video creation.