Helping staff with money issues can improve productivity

The Second Chance programme are developing resources and abilities to help employers support the well-being and development of their workforce.

I thought I would share this 2016 report by the Social Market Foundation which interestingly looks at how employers could help their staff deal better with one of the biggest causes of stress – financial difficulty – and therefore, become more productive and ultimately help the business become more successful.

“The findings should provide a wakeup call for UK employers because it demonstrates how productivity is impacted by factors such as stress and anxiety, where both can be driven by financial worries. The fact that these issues are apparent across all sectors of the economy means that we have consistently failed to recognise some of the key drivers of poor productivity in the UK economy. For far too long politicians, policy makers and economists have chided Britain’s workforce for its failure to improve productivity without taking account of the wellbeing factors that can affect employees. This clearly has to change if we are to emerge from the recession with a workforce that is fit to deliver economic growth at home and meet the competitive challenge in global markets. We believe that giving employees the tools for financial mindfulness can break this needless spiral of anxiety and stress. This is crucial as far as productivity is concerned, where the impact of financial stress on the workplace can be dramatic. One of the aspects of our Second Chance programme is Managing Money – we are working with the Feel Good Factor to help individual clients with this, but we have also go some interest from employers who possibly are beginning to recognise the above issue.”

If you have any thoughts about how we might bring this issue to the attention of a wider business audience – and our collective support to address it – please do get in touch.

FYI… we are hosting a series of employers events and business breakfasts (our next one is Wednesday 25th January, 8.30am-10.00 am, at Beeston Enterprise Centre, Hillside Road, Beeston) through 2017. Please feel free to come along and add your thoughts to the mix.

Written by Gerry Andrews, Project Officer, Second Chance, PATH Yorkshire

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Email: [email protected]

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