Employee wellbeing during a financial crisis

As most companies have transitioned to a hybrid working model, this has also come with various challenges relating to the workplace, financial capabilities and most importantly the wellbeing of employees.

From an employee perspective, there’s a lot to deal with currently in today’s world with individual life pressures and also the cost of living crisis where everyone is feeling the pinch. Not everyone is going to openly talk about their own wellbeing, but it’s what you, the employer, can offer to ensure their wellbeing is taken care of when needed - a show of support can go a long way.

How have businesses adapted post Covid?

Businesses like yours across all sectors have had to adapt to the new way of working, including reviewing current wellbeing initiatives for their employees. From our own perspective, it’s good to see many companies adapt to a hybrid model which allows greater flexibility for the employee, but also gives them the opportunity to be in control.

In our Post-Pandemic Work Report, 59% of our surveyed clients said they are now hybrid working. With employees now able to split time at home and in the office, it has also come with many businesses having to review health and safety practices relating to the workplace.

There’s also been a greater focus on wellness programmes, as the impact of Covid was felt on both a physical and mental scale. In CIPD’s Health and Wellbeing At Work 2022 Report, over 52% of organisations have responded to COVID-19 by increasing the wellbeing support or benefits they provide.

Employee wellbeing during inflation

While salary bumps and cost-of-living stipends are not an option for all companies - especially those still recovering from the economic impact of the pandemic - enhanced benefits packages, subsidised gym memberships and season tickets for travel, along with access to discounts and preferred rates on services, can be a real help to employees.

With rising energy, food, and transportation costs to name a few, the mental wellbeing of your people is being tested as inflation will have an impact on their pockets and everyday habits. As reported by i News, around three-quarters (77%) of adults in the UK say they are worried about the rising costs of living, with half reporting they feel those worries nearly every day.

What can you do? Show your support and introduce initiatives to help ease the burden of inflation as you can have a positive impact on employee wellbeing. Check out our 5 ways on how you can help your employees with the cost of living crisis here.

Benefits of employee wellbeing

If you’re looking to improve your workplace culture and the wellbeing of staff during their tenure at your company, then now may be the right time to implement, develop or review your current wellness programme.

Showing dedication to improving and maintaining your wellness programme will have a huge amount of benefits to both the employer and employee which cover:

• Improved morale
• Physical and mental health
• Employee interaction/engagement
• Performance
• Sustained attendance
• Attracting and retaining talent

Workplace culture and employee wellbeing will go hand in hand so it’s important you have the right initiatives and plans set up to help support your talent. Don’t wait until it’s too late and start having conversations internally about your employee wellbeing programmes and if they are still fit for purpose in this current climate.