The lack of financial cushion creates anxiety and higher vulnerability, which is stressful. Lower financial well-being also correlates with lower work productivity and higher turnover risk. With the clear work impact, employers are looking for ways to help. It is important to remember that a salary increase alone does not mitigate the problems workers are facing as such contribute to more inflation and may not even be sufficient to make a meaningful difference. Programs that make it easier to save for emergencies, financial management information and coaching, company-sponsored discount programs and even hardship funds have had more of a focus. Additionally, the stress of economic uncertainty or any disruption, means that mental health support and services are needed by more people. It is important to ensure that such services are easy to access and well-communicated. For workplaces, it also means training managers on mental health in the workplace and their role in supporting it and providing the education that addresses the stigma around it. Managers should not be mental health counsellors for their employees, but they do have a role in a psychologically safe workplace and in stepping in when their employees need support. While all of this is most helpful when in place prior to a downturn, it is never too late. Implementing support during a downturn or even ramping up communication of programs such as EAP and savings schemes that address these issues and also already in place, is also extremely helpful on a practical level and also shows that the employer is concerned about the well-being of their people. “It is important to remember that a salary increase alone does not mitigate the problems workers are facing as such contribute to more inflation and may not even be sufficient to make a meaningful difference.” Finance Monthly. Bus i ne s s & Economy 17
RkJQdWJsaXNoZXIy Mjk3Mzkz