More than 88million worth of working days were lost in Britain due to financial stress last year, prompting business leaders to prioritise employee experience (EX) in 2022.
New study from borofree reveals that the events of the last year meant that financial worries caused workers to take off an average of three working days
HR Directors are keen to reboot employee productivity as people return to the office, with 83% saying they will be prioritising plans to improve employee productivity over the next year
Since the start of the pandemic, rising financial stress due to an uncertain economy has created a downward spiral on employee wellbeing that has ultimately impacted employee performance and therefore companies as a whole. New data released today has revealed that an average of 3.05 working days (88,755,000 nationally) were taken off by UK workers last year due to the financial stress felt by employees.
The study by borofree, a UK salary advance start-up that helps people avoid debt, by providing free access to a proportion of their next pay cheque in advance, examines the plans that companies across the UK now aim to implement in order to improve employee productivity, financial wellbeing and increase morale in the workplace as business recovery begins to take shape.
The research, which was conducted online by YouGov, highlights that HR decision makers are feeling optimistic about building stronger employee productivity as the economy settles into a ‘new normal’ , with over half (57%) believing that employee productivity is set to increase over the next 12 months.
Action taken from businesses to increase employee wellbeing over the next year will be critical for them to regain strong post-pandemic productivity growth and recover from a challenging 18 months. In fact, 83% of HR decision makers surveyed revealed that their business will be prioritising plans to improve employee productivity over the next year. Improving pay and working conditions for employees is high on the agenda for companies looking to regain lost morale due to the pandemic, with almost a third (31%) stating that this will be a business priority for them this year.