Over 2,500 employees in the UK were surveyed to find out how they are feeling during coronavirus and what they want from their employers. The research showed that a staggering 69% of employees are worried about their financial situation now, and when they come out of the lock down.
This research can be found in The Employer’s Guide to Financial Wellbeing 2019-2020. In fact the research shows that employee re more concerned about their finances during this time, than they are about their careers, health and relationships.
The research that can be seen in The Employer’s Guide to Financial Wellbeing 2019-2020 reports that there is a huge savings crisis in the UK. 19% of UK employees save nothing each month. Meanwhile, 20% of employees in the UK save £50 or less each month. Based on this research, you can quickly see why employees are so concerned about their finances during this time. Many people are feeling anxious and vulnerable to developing poor financial wellbeing.
Estimates by The Resolution Foundation have stated that been seven and ten million employees in the UK will be furloughed by the end of the coronavirus lock down. 50% of all UK companies have already been seen to be putting staff onto the Government’s job retention scheme.
While some employees won’t have their financial wellbeing impacted to much during lock down, a cut in pay could result in unpaid bills or taking on extra debt for other employees. In households where both earners have been put on furlough, this will be more of a noticeable reduction of income for the family.
There is also the concern of redundancy worrying some UK employees and this will be a real risk for many people too.
So, as an employer, what can you do?
During this time it is important for employers to be providing helpful advice, support and services that will help their employers. Information on struggling with borrowing or paying bills, talking about a loss of household income or how to reduce spending / make spending go further are topics that employees in this research would like.
The research showed that jus 1% of employees felt they were getting too much information from their employer. Meanwhile 55% of employees felt they weren’t getting any information from their employer, or they would like more.
As always, communication is key and uncertain times like this. Your communication lines need to be open and your message needs to be clear. Deliver reassurance to your employees and opportunities for connecting them to people and organisations that can help and support them with the advice and information they might need.
Headquartered in Cambridge, Aspire Cambridge provide cost effective Recruitment and HR solutions to an impressive portfolio of customers spanning the UK and Europe. Working with a diverse collection of industries from start-ups to blue chip companies covering a vast range of sectors. Aspire Cambridge has an unrivalled knowledge of the jobs marketplace so it’s no wonder that they hold an impressive track record of exceeding client and candidate expectations.
How do they do it? By “Placing People First”.