It’s Christmas! Time off work. Presents to buy. Drinking and eating more than you would regularly and visiting friends, family, loved ones. The season of goodwill, cheer and demanding work priorities go on the back burner in favour Christmas merriments.
Moreover, in our busy lives, that’s exactly what we need. What’s not to like?
Recently I delivered a couple of workshops for Westfield Health on Mental Health Awareness and Dealing with High-Pressure Situations in a company located in South Yorkshire.
When asked what’s the top source of pressure in your life at the moment is and if there’s one thing, that if changed, would significantly improve your quality of life.
The number one challenge was financial worries.
Research from Barclays determined that 46% of workers were worrying. Also, one in five were losing sleep, due to concerns about money.
Further research exposed that 42% of those asking for help with debt is on medication to help them cope with the emotional consequences.
Barclays also witnessed inadequate monetary wellbeing among workers decreased productivity by 4%. The overall cost to businesses in the UK is estimated to be £120 billion per annum.
Many employees feel embarrassed speaking about monetary concerns in the work environment. Especially if they’re suffering financial hardship, therefore employers can tend to view them as merely a private matter.
Nonetheless, there are indications that change is afoot.
Recent studies reveal that employees want to see companies do more around financial education. One survey indicated that 87% want their company to help with financial literacy.
Anglian Water and Barclays both have financial health and wellbeing programs. They both enhance levels of financial literacy and provide support when employees’ finances are out of alignment. Financial literacy is critical components in the organisations’ overall health and wellbeing strategy and an integral part of the employees’ benefits package.
Today, the reality in the UK is a considerable percentage of the population is living on the brink. One payday away from financial catastrophe.
Four in ten adults have no more than £500 in savings, while the Office of National Statistics (ONS), highlight 16.5 million people have no savings.
Many don’t have a safety net or reserves. Therefore, an unanticipated turn of events, like a severe illness or redundancy, could tip a considerable number of households into financial armageddon.
So precarious are people’s finances that the Bank of England calculate even a 2% increase in interest rates could be enough to tip some over the edge.
A typical household in the UK spends over £2,500 each month. Still, in the run-up to Christmas, our spending habits change dramatically to over £800 extra in December.
What is Your Tipping Point? defined by Merriam-Webster, as “The point at which a series of small changes or incidents becomes significant enough to cause a larger, more important change.”
At what point do you take personal responsibility and do something about it, primarily if it’s affecting your performance and wellbeing at work.
The tipping point for a business must be to engage their workforce and implement a health and wellbeing program that includes financial literacy.
Design a work culture that encourages health through all phases of their lives. Considering most people spend most of their life at work, it’s no wonder that they want to believe that the business cares about their happiness.
Emphasis on employee health and wellbeing contributes significantly to an employee’s entire interaction within the company.
Promoting health and wellbeing is no longer seen as a ‘tick box’ exercise or an initiative that produces ‘quick wins.’
Instead, wellbeing promotion assures that your team enjoy and want to work.
Long term, this has a drastic effect on the business’s performance.
Often health improves many areas of the business. Areas that not only improve productivity but make money.
If you’re considering implementing or adopting a health and wellbeing programme in 2020, please feel free to get in touch and book your free 40-minute consultation.
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