The importance of financial wellbeing and employee happiness

The CIPD have recently published a report highlighting the findings of research into financial wellbeing and the impact of this on employees at work. As advocates of employee happiness, this research fits with Tusker’s ethos, and so we’ve summarised it:

The research found that poor financial wellbeing impacts heavily on employee health, particularly psychological wellbeing, citing higher levels of stress and anxiety as particular problems. The report details how these factors reduce productivity with individuals performing less well in their roles, making poorer decisions and reducing their ability to concentrate. It also affected employees actually turning up for work as higher levels of absenteeism were recorded.

Supporting family members and achieving a healthy work/life balance were high on the priority list for the majority of those surveyed. Financial worries were present for a large proportion of employees, not just those on the lowest salaries.

As people are heavily influenced by work with full-time employees spending more waking hours at work than anywhere else, happiness in the workplace, coupled with financial control and stability, are therefore of the utmost importance.

The study into the behaviours of individuals with workplace stress highlighted the importance of communicating information. It highlighted that individuals are heavily influenced by who communicates with them, the messages they receive and whether or not these messages make them feel good about themselves.

The clarity and simplicity of messaging also plays a big part in communicating with employees. Painting a clear message about how to go about joining a benefits scheme as part of an effort to maximise wellbeing for example, could have a positive impact on the wellbeing of many of the workforce.

Tusker likes simplicity. We believe in making things easy for our drivers. That’s why, for a fixed monthly payment (cheaper than the deals available at retail) we provide a brand new car, complete with insurance, road tax, breakdown cover, tyres, maintenance and servicing. It’s great for those who want complete control of their finances, with no hidden surprises.

For more information on Tusker’s Car Benefit Scheme, visit: www.tuskerdirect.com

To view the full CIPD report, visit: https://www.cipd.co.uk/Images/financial-well-being-behavioural-insights-report_tcm18-17456.pdf