Copy article

Can employers do anything to boost employee productivity during cost of living?

Journalist: Elizabeth Howlett, People Management Magazine

ended 17. November 2022

I am covering research from Censuswide/Unum which found the knock-on effect of financial pressures on the UK workforce has negatively impacted productivity for 29% of employees. This rose to 31% of employees who expect such concerns to reduce their productivity in 2023.

 It found the top three issues affecting productivity this year are financial worries 29%; work/life balance 23%; and mental health issues 22%.

Would you be able to comment on what employers and/or HR can do to boost productivity during this difficult time - or even if they realistically can, as HR and  are often seen to be the “cure all” for all business issues - before my deadline of 12 

 

2 responses from the Newspage community

Copy all

Copy

Carla Hoppe0
Founder and CEO at Wealthbrite
This latest research on the cost of poor financial wellbeing should be a calling card for business to take action. While most employers have a financial wellbeing strategy many see it as the hardest nut to crack. Where to start and what to do? Here are 3 steps HR can take now in response to the findings: 1) Talk to people about their concerns. You don't have to be a financial expert to show empathy and often a problem shared really is a problem halved. 2) Many benefits are unused or forgotten about. A reminder about any discounts and perks you offer may come just in time ahead of Christmas. 3) Work with business leaders to agree a budget for financial education as a long-term strategy to build people's confidence and reduce the stress and anxiety of how to manage money during difficult times.
Copy

Sarah LoatesVerified
Director at Loates HR Consultancy
"Productivity has long been the holy grail of UK PLC. Employers should be the antithesis of Elon Musk, be empathetic and get creative. It's not just about increasing base pay. When fuel went stratospheric we bought our employees Costco cards. One client bought a freezer and stocked it on a ‘help yourself no questions asked' basis. Likewise, some employers are offsetting energy increases with adhoc bonuses. Employee discount schemes can help employees make their money go further providing significant monthly savings on everyday purchases. We also predict that private healthcare and healthcare cash plans will become a necessity, as NHS resources are overextended and waiting lists grow longer. Signpost to employees where they can get help if they are experiencing difficulties. Ask employees what would help them.