Are money worries affecting your work? You might not associate financial concerns with recruitment discussions, however, this very topic has become an increasing news theme over recent months…
Most employees experience money worries.
- In fact, 94% of people could now be affected. More than 3/4 of employees additionally believe their concerns directly affect their working lives.
- Fears around financial ‘protection’, planning and/or budgeting, and tax are among the most prevalent issues.
- More specifically, people worry they’ll be unable to meet the demands of financial emergencies, their general living costs and retirement.
- Employees are also misinformed about a number of financial needs. This includes underestimating their pension requirements, alongside minimal knowledge of life insurance protection.
But what does this all have to do with recruitment?
- Well, as stated, the majority of professionals perceive some negative effect on their work. Money worries cost the national economy ‘millions of working days’ and billions of pounds. Not only through reduced productivity yet also increased absenteeism.
- This issue has also altered employees’ expectations. 54% of respondents expect increased access to ‘financial education’ from their employers. This sits alongside the more commonly discussed expectations around flexible working, mental health and parental policies.
- However, 40% of HR professionals do not feel equipped to support staff with money worries – and 49% don’t believe it’s their job to address this.
Working towards solutions…
- This issue presents both a challenge and an opportunity. The more that these discussions take place, the more likely employers are to find ways of supporting their team. While the most innovative companies can make this another staff attraction and retention differentiator.
- Professionals will also feel less alone in their money worries. Anyone who has concerns that they are unable to discuss with their employer would be wise to contact the Money Advice Service. This is a free, impartial service.
- On a separate note, if you’ve never really got to grips with your payslip and tax code, this post should help.
- If you’re wondering whether you could earn more for your career experience and skill-set, speak with your Recruitment Consultant. Regularly researching jobs in your industry can also improve your knowledge of the going market rates.