Stress and financial pressure undermine employee well-being

Oct 05 2023 by Management-Issues Print This Article

More than a third of workers in the UK have experiencing adverse effects from job-related stress as financial pressures and budget cuts combine to create an atmosphere of uncertainty that leaves many feeling less in control of their well-being.

That’s according to the 2023 Alight International Workforce and Wellbeing Mindset Study which found that pressure on personal finances (59%) and job challenges (55%) are the leading sources of stress. Overall, almost one in three (29%) of employees say their mental health has declined due to the current economic environment, more than a third (37%) report experiencing adverse effects of job-related stress and just over a quarter (27%) have experienced anxiety or panic attacks.

Financial worries are a further source of discontent, with half of respondents saying that the current economic situation is negatively impacting their overall well-being and a similar proportion (47%) believing their financial situation will worsen over the next year. More than a third (36%) believe they will never have the life they want due to financial constraints.

The survey also explored employee benefits, finding that 37% think that they make a company more attractive to work for and three out of 10 (31%) saying they would like to see more robust well-being benefits introduced in their company. Only a quarter (25%) are enrolled in employer health plans, with the highest earners twice as likely to have access to such a plan compared to the lowest-paid. Notably, more than a quarter (27%) of employees said they have no access to well-being benefits at all.

“Organisations need to invest in accessible technologies and personalised benefits that can positively influence work culture, employee well-being and overall employee satisfaction,” said Jan Pieter Janssen, EMEA vice president of business development at Alight.

“They need to prove that they have their employees’ backs and show that they genuinely care. Those that step up and offer support and guidance will ultimately regain trust, attract and retain talent, supercharge productivity and enjoy success beyond this challenging socio-economic climate.”