The cost-of-living crisis is having a significant effect on the wellbeing of many workers, with nearly a third seeking extra hours to make ends meet.
A recent poll shows that 31 percent reported working more hours and extra shifts over the last few months because of the increased living costs.
It also showed that 46 percent attended the workplace when sick because they can’t afford to lose out on earnings.
People affected in different ways
Experts have encouraged employers to have financial wellbeing policies in place, warning the cost-of-living crisis is affecting everyone differently.
The Chartered Institute of Personnel and Development suggests employers (even with a limited budget) can help staff by implementing a policy that informs their workforce they can get free, confidential, and independent money and debt advice from the Government’s Money and Pensions Service.
In addition, a financial wellbeing policy could include:
In the poll of 1,006 workers conducted by HR software suppliers CIPHR, the number of those working when ill rose to 56 percent when looking specifically at those earning £30,000 per year or less. This dropped to just 37 percent for higher earners on £45,000 a year or more.
To cope with the increased living costs, just over a quarter of men (26 percent) and 18 percent of women (26 percent) asked for a pay rise.
Many are voting with their feet
Stress was another factor in the survey, with two-thirds (68 per cent) feeling overwhelmed because of the financial crisis.
When broken down, the figures showed women were more likely than men to report feeling this way (74 percent and 61 percent respectively).
Many are voting with their feet, with 12 percent finding employment and 27 percent looking for a new job.
For help and advice on matters relating to wellbeing policies and employment law, contact our team today.
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