Stress Awareness Month: Why Invest In Your Employees?
A lot of people are working longer hours and taking on more responsibility within their roles. Not only because workload progression relies on it, but also to make up somewhat for the increased costs of living. Overtime and bonuses are amongst job perks many are relying on nowadays just to make ends meet.
As we enter Stress Awareness month, studies have shown that around 80% of employees in the UK have or are currently suffering from work-related stress. So if you are still wondering ‘why invest in your employees?’ -with a statistic like this, it is baffling as to why more businesses are not actively implementing wellbeing plans.
Although, it’s not just workload that’s the problem anymore. Inflation is now at a 30 year high of 6.2%. Set to rise even further as the year progresses - the cost of living is getting more and more difficult to keep up with.
When wages don’t match up, employees have to work even harder to budget and account for rising bills. This is a growing problem that has become the cause of stress and mental health problems amongst a large percentage of adults.
With 30 days this April dedicated to recognising the causes and impact of stress, there should be no excuse for you to still be asking the question “why invest in your employees?”
Let’s discuss the benefits and see how you could be making a change in your business this month.
Educate your employees
Financial struggles are something many will face in their lifetime. Especially at a time like this, not knowing how to manage or get through challenges can make it even harder to cope with.
Similarly, poor planning in the lead up to an event like inflation increases or major economic occurrences can severely impact an employee’s ability to maintain their quality of life.
We can help you empower staff and reduce workplace stress by offering professional advice and clear financial information. Everything we do is tailored to the individual, taking into account their particular circumstances and where they are in their life journey.
Our adviser-led presentations and workshops allow us to gather key data from your business and find out what it is that’s worrying people. This then means we can deliver bespoke wellbeing programmes and broadcast key information across the company.
Only when your staff understand their options can they make clear choices and plan ahead for the future. Having this capability will help them to feel far happier and more comfortable in their situation. As a result, we can reduce stress in the workplace and leave them to enjoy their role.
Why invest in your employees? Well, we can help them get to grips with the following aspects of their financial lives so they won’t be preoccupied!
Pensions
Pension planning is more often than not pushed back again and again until it’s too late. Ensuring your team know what position they will be in come retirement can help them save accordingly and ensure their quality of life is stable after work.
This way, they don’t have the burden of worrying about whether or not they can provide for themselves or their family down the line.
Savings
With increased living costs and low-interest rates, it is no wonder people are struggling to make the most of their money. When wages come in each month, it is up to your employees to decide where it goes.
A better understanding of savings options can help them achieve more and make their money go further now, as well as later down the line.
Family Planning
Had a team member go on maternity or paternity leave recently? The costs associated with new family members can bring unpredicted stress. As a result, many mums return to work earlier than planned or parents and carers have to take on extra responsibility at work to cover fees.
With burnout becoming more and more common, the least you can do for your employees is show them which reliefs, incentives and benefits they may be entitled to. Lift that weight and let them enjoy this new part of their journey.
Debt
This can be a taboo subject - especially amongst employers and staff. While they may not tell you if they’re struggling, it can be beneficial to be reminded there are things out there that could help them.
Our expert advisors can teach your team how to prioritise and tackle debt without having to get too personal.
Mortgages
As one of the most expensive purchases in our lifetime, a huge proportion of salaries go towards saving for a home. But what’s more, inflation is making it harder for people to get on that ladder.
While higher salaries may put you at an advantage, it is important to know which mortgage options would work in your favour. This way your staff can be reassured and directed - no matter their position in your company.
Protection
The world of insurance and financial protection can be a minefield. There are things you can offer as part of an employee benefits package to help towards this and ensure your people don’t have to worry about their families' future.
2. Reduce The Stigma
Mental health is often approached cautiously. Within the workplace, employees might not bring up their concerns around stress and burnout because they don’t feel like it is an appropriate place to do so.
However, it is the job of managers and business owners to reassure their employees that talking about it can be the first step to improving upon it. When no one knows there is an issue - no one can help.
Make a point of incorporating different ways of communicating one on one and allowing people to voice concerns over workload, capability or work relationships without the risk of being reprimanded.
The benefits here should be clear. They see their managers as trustworthy and approachable. Improving job satisfaction can help you build loyal and happy employees who are willing to stick around. An individual who doesn’t feel like they matter or are listened to will not give you the same enthusiasm.
3. Share Coping Strategies
Without a doubt, there will be people in your company sharing the same stresses. Departments may be feeling the strain of a particularly challenging project for example. At times like this, it is important to encourage discussion.
Formulate a strategy for regular check-ins and decide how the workload is going to be determined.
One person may struggle to find ways to organise themselves or switch off after a working week. Sharing mechanisms to cope with stress at work will allow people to try new things and come into work refreshed - ready to take on their roles.
It also helps tackle the feeling of loneliness. This is a huge factor in determining job satisfaction and identifying a company culture. People will be quick to realise when a business doesn’t invest time and effort into its employees because retention rates are poor and motivation is low.
As well as this, combating loneliness in the workplace will ensure no issue gets left unresolved. This can benefit the company because you will see more consistent results and fewer anomalies.
On the other hand, your staff will benefit from continued development and plenty of opportunities to better their careers.
4. Onsite Benefit Days
Organised by our team of experts, these can be the perfect time for employees to speak to someone regarding company policies.
They may have ideas or preferences about benefits already in place that they aren’t comfortable bringing up internally. Often, financial or well being related issues are something they prefer to remain anonymous.
We can help businesses determine the best path that will provide the most benefits for their people and the company as a whole. Investing in your employees this way is crucial to driving productive and motivated workers that are happy in what they do.
Without support, work-life stress and home life challenges could amalgamate into one big mess - causing you to lose valuable employees to businesses with stable benefits packages and a more inclusive culture.
5. Why Invest In Your Employees By Yourself?
Need help knowing where to start? Stress awareness month is all about realising the impact of challenges both in and out of our work lives.
As an employer, you can help guide your teams through struggles to ensure you’re always getting the best out of them. This will mean being understanding, empathetic and able to implement the support they may need.
As inflation continues to take its toll on people - we are looking to employers for reassurance. Salaries are a lifeline and so anything you can offer on top of that - from valuable knowledge to staff perks is going to be appreciated greatly.
We can help you figure out where to start and provide your employees with information tailored to their own journeys. To get started, you can take our free health check or get in touch today.
Put Your Benefits Package to the Test With Our Benefits and Reward Healthcheck!
Our Benefits and Reward Scorecard shows HR and reward professionals their blind spots, providing instant and actionable steps that will help improve your employee benefits and reward strategy. So even if you think you’re doing everything right and have implemented some of the ideas in this blog, there might still be ways to ramp it up!
The best part is that it is completely free and only takes 3 minutes to complete and receive personalised results! It will help you maintain loyal employees and really push above the competition in your industry.
Our Scorecard will rank you against the following criteria:
Benefits - This will look at the different ways you reward your staff beyond basic pay and bonuses.
Strategy - Designing your rewards package based on the needs of your employees.
People - This will look at your employee's perception of your benefits.
Systems - This will consider the use of technology used to deliver benefits.
Download our guide to understanding & tackling Pension Allowances
Pension Allowances can be a tricky subject for your members to get their heads around. Nobody wants to be stung with an unexpected tax charge, especially when it could be avoided. Learn the rules and how to communicate them to your members.
A PENSION IS A LONG-TERM INVESTMENT NOT NORMALLY ACCESSIBLE UNTIL AGE 55 (57 FROM APRIL 2028). THE VALUE OF YOUR INVESTMENTS (AND ANY INCOME FROM THEM) CAN GO DOWN AS WELL AS UP WHICH WOULD HAVE AN IMPACT ON THE LEVEL OF PENSION BENEFITS AVAILABLE. YOUR PENSION INCOME COULD ALSO BE AFFECTED BY THE INTEREST RATES AT THE TIME YOU TAKE YOUR BENEFITS.
THE TAX IMPLICATIONS OF PENSION WITHDRAWALS WILL BE BASED ON
YOUR INDIVIDUAL CIRCUMSTANCES, TAX LEGISLATION AND REGULATION WHICH ARE SUBJECT TO CHANGE IN THE FUTURE. YOU SHOULD SEEK ADVICE TO UNDERSTAND YOUR OPTIONS AT RETIREMENT.