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 per cent reported working more hours and extra shifts over the last few months because of the increased living costs.
It also showed that 46 per cent 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:
- Ensuring the workforce is fully aware of all the benefits currently on offer and how to make the most of them.
- Showing empathy and concern and encouraging them to start talking about money worries at work.
- Ideally committing to paying a fair and liveable wage, supporting in-work progression, enhancing benefits packages, and offering financial education.
In the poll of 1,006 workers conducted by HR software suppliers CIPHR, the number of those working when ill rose to 56 per cent when looking specifically at those earning £30,000 per year or less. This dropped to just 37 per cent for higher earners on £45,000 a year or more.
To cope with the increased living costs, just over a quarter of men (26 per cent) and 18 per cent of women (26 per cent) 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 per cent and 61 per cent respectively).
Many are voting with their feet, with 12 per since finding employment and 27 per cent looking for a new job.
Samantha Randall, an Employment Law expert at Palmers, gives her tips: “You know your business better than anyone, but keeping on top of HR and employment law issues such as handling employment contracts can create extra pressures that may distract you from building and growing your business.
At Palmers Solicitors, we offer all the expert employment law and HR services you are looking for, either to support your in-house team or on an outsourced basis.”
For help and advice on matters relating to employment law, contact our expert team today.