Amid the barrage of media coverage over the cost-of-living crisis, rocketing fuel prices, and the conflict in Ukraine, it’s easy to forget that, at the centre of it all, is the health and well-being of millions of people.
Phil Worms, Chief Executive of Frog Systems, which provides digital employee well-being support for companies and organisations, believes employers have a responsibility to support staff with mental health issues, both in understanding their triggers and taking reasonable measures to ensure they are not exacerbated at work.
According to Phil, they cannot treat the financial pressures employees are likely to face in isolation. They should offer support and information that covers all aspects of employee wellbeing, including finances.
What are the potential signs that employers could look out for?
Before the most recent price rises, one in four adults in the UK was already cutting back on the amount and quality of food they ate, with one in 10 eating cold food to save on energy costs. Nine out of 10 people have admitted delaying switching their heating on to save money.
The impact of such actions could be serious. Colder homes can lead to additional physical and mental health problems, as well as aggravate existing health conditions.
As well as the physical impacts of cold and poverty, there are potentially harmful, mental ill health effects, as millions of people experience the stress of tightened budgets, growing household debt, and rationing of essential items, including food and clothing.
Winter could elevate the cost-of-living crisis into a mental health crisis
Money worries can cause stress and impact people’s decision-making, limiting their social contact, leading to overwork, and causing them to make less healthy choices for themselves and their families. And there are fears that young people could be adversely affected by this too.
Those with insomnia, stress, anxiety and depression are more likely to live in rented and poor-quality housing than the general population, which can aggravate existing issues. Those suffering from fuel poverty, are also less likely to have access to transport and are more likely to miss appointments.
What can employers do to support their staff through the coming crisis?
A ‘one size fits all’ approach will not work. For example, for some who are hybrid working, the cost savings of the commute might outweigh their expenditure on gas and electricity whilst working at home.
For others, the reverse will be true. Salary sacrifice schemes can provide employees with quick access to things like childcare and transport support in a cost-effective way for them and their employers.
It is assumed that every employee has a good grasp of budgeting and managing their personal finances, however, this is not always the case, and it is this area that presents a real opportunity for an employer to offer support.
Financial education and guidance through coaching or signposting, to help employees understand their finances, including proper budgeting and managing debt, can be a low-cost but extremely impactful benefit.
In 2021, 149.3million working days were lost to illness, with 19 million of those due to poor mental health. Making reasonable adjustments to support employees with mental health issues is more likely to lead to higher productivity and lower staff turnover.
Workplaces with elevated levels of mental well-being are more productive, by as much as 12 per cent. The Health and Safety Executive says there is a legal duty to protect employees from stress at work by doing a risk assessment and acting on it. Recognising triggers to stress allows employers to identify underlying stress-related reasons for staff absences.
Employers who fail to deal with work-related stress can face personal injury, discrimination, or unfair dismissal claims from employees
ACAS has developed a framework for positive mental health at work. It states that the management of positive health is a shared responsibility with employers, line managers, and individuals collectively having a role to play.
With the Organisation for Economic Co-operation and Development (OECD) stating that British families have suffered the biggest hit to incomes of the world’s richest nations, we can’t underestimate the domestic battle ahead of us. In the main, employers stepped up to the plate during the COVID pandemic, and they must do so again if we are to come through the cost-of-living crisis. Not only does it make real business sense to have a strong, resilient, and well workforce but it is simply the right thing to do.