A new study conducted by fintech startup Mintago has shed light on the state of employee wellbeing within UK-based organisations, revealing that just one in three businesses are adequately prepared to handle concerns raised by their workforce.
The research, based on a survey of 503 senior managers from both public and private sector organisations, found that a staggering 87 percent of managers had been approached by employees in the past 12 months to discuss concerns related to their wellbeing.
Mental health (48%), job satisfaction (43%), and financial wellbeing (40%) emerged as the top three issues brought to the attention of managers.
Financial wellbeing, in particular, has become a pressing concern, with 68 percent of managers citing the cost-of-living crisis as the primary source of worry among employees. Other financial concerns include requests for a pay rise (50%), challenges in meeting rental or mortgage payments (46%), and worries about debt (43%).
Financial wellbeing issues
Despite the growing prevalence of financial wellbeing issues, the research found that only 33 percent of organisations have a clear process in place for handling employees’ wellbeing concerns. Additionally, almost half (47%) of managers expressed discomfort in addressing their colleagues’ financial wellbeing concerns on a personal level.
Chieu Cao, CEO of Mintago, emphasised the urgent need for organisations to address these findings: “These findings act as a stark wake-up call regarding the dearth of support structures within many workplaces, and it’s crucial that organisations of all sizes and sectors take note.”
Uncomfortable conversations
Cao added, “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.”
The study highlights the impact of the cost-of-living crisis on employees’ financial wellbeing and underscores the need for robust support structures and meaningful solutions within workplaces. Cao urged leaders to build a culture that encourages employees to raise concerns with confidence and called for the implementation of tools that provide substantial support in the areas employees need it the most.
Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.
