Financial stress impacts work productivity

Nearly a quarter (22%) of employee respondents said the stress of their current financial situation impacts negatively on their work productivity, according to research by Sodexo Benefits and Rewards Services.

Iain McMath - Sodexo

Its Financial stress is impacting productivity for nearly a quarter of UK employees survey, which questioned 398 employers and 760 UK employees aged between 18 and 64, found that this percentage rose to 36% among employee respondents aged 18 to 34.

More than one in eight (82%) employer respondents said helping employees to manage their finances would contribute to reducing employee stress levels.

More than three-quarters (79%) of employer respondents felt that helping employees better manage their finances could form part of their HR strategy, as well as the organisations’ corporate social responsibilites.

The research also found that 44% of employer respondents do not have any scheme in place to help staff, while 38% offer financial education or advice.

The research also found:

  • 56% of employee respondents felt they would be able to put more money aside if their employer was able to take it directly from their pay.
  • 82% of employer respondents agreed that a financial management tool would offer a clear incentive for employees who are struggling to save.

Sodexo has also launched a financial employee benefit called Money Boost, which aims to encourage employee financial wellbeing.

The online management tool helps employees take control of their finances and helps them put aside money more effectively as funds are deducted automatically from payroll.

Iain McMath (pictured), managing director of Sodexo Benefits and Rewards Services, said: “Money management is set to become an important feature of employee benefits plans, as more and more organisations begin to understand the financial stress their staff are under.

“Money Boost may help to alleviate employees’ financial stress, enhance their wellbeing, and help them to reach their personal goals and aspirations, at the same time as helping employers to improve employee engagement and productivity in the workplace.”