A quarter of employees have financial problems that are affecting their performance at work.
A CIPD survey of over 1,800 UK employees found that 31% of those aged 18-24 are facing financial concerns that they feel are negatively impacting their ability to do their job effectively.
20% of those earning £45,000 – £59,999 say that financial problems have affected their ability to work. This is more likely among women (28%) compared to men (23%).
According to those surveyed, the most important aspects of financial well-being are:
- earning a significant wage (75%)
- being able to save more for the future (55%)
- being rewarded for hard work in a fair and consistent way (54%)
- being able to pay off debts (45%).
Charles Cotton, reward and performance adviser at the CIPD, said:
“With 1 in 4 admitting it negatively impacts their work, it’s clear that organisations should be focussing on financial well-being as part of their workplace agenda.”
The importance of the working environment
According to the CIPD, 41% of workers want to be rewarded and 26% want to be able to save through a pension to improve their financial well-being.
Employee recognition can demonstrate value to people and your business. Non-cash benefits such as social functions, company cars and in-house facilities can also boost morale and productivity.
Some benefits may require you to pay PAYE and national insurance contributions on them.
We can help you with your reward strategy.