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The percentage of 18-34 year old employees saying their top stressor is ‘My finances’ increased almost threefold in 2022, in comparison to 2021 data (70 per cent versus 25 per cent respectively), according to Legal & General Group Protection’s annual Wellbeing at Work Barometer.*
But before reaching for a financial wellbeing solution to help address this issue, it’s worth encouraging employers to “take five” and get to the nub of the problem first; considering any mental health and/or social wellbeing implications too.
Standalone solutions such as education on budgeting and saving are undoubtedly useful. However, the chances are that really getting to grips with discrete business and workforce needs – with the help of analytical tools designed for the purpose – might well reveal the need for a multifaceted, probably multigenerational, solution.
Help clients join the dots between what they already have
I’m not talking here about a solution that is purely product or service focused, but rather one that considers the need to view wellbeing in a much more interconnected way; from reward and benefits (financial, mental, physical and social wellbeing as part of this), culture, good work and management practices, to diversity, equity and inclusion considerations. All of which are probably already in place in most organisations, but might arguably sit in siloes and not aligned with business strategy.
A new industry report finds that employers are more focused on wellbeing than ever before. Globally, 43 per cent of companies say they’ve increased investment in wellbeing. But only just over 40 per cent have prioritised and integrated wellbeing as part of business strategy, although this does represent a 17-point increase over 2020.
Again, some of the latest analytical tools will not only help identify specific gaps and needs, but will also help with relevant actions related to integrated wellbeing programme design and measurement. Measurement that is aligned with business outcomes, such as productivity. And design that is informed as much by employee voice as employer voice, acknowledging the subjective nature of wellbeing.
Interestingly, our employee-focused barometer research found that wellbeing can mean very different things to different people, with ‘feeling mentally well’ representing the top definition across all ages, ahead of ‘feeling physically well’, ‘getting paid fairly’, ‘having a feeling of job security’, ‘not being in debt / or managing debt well’ and ‘being able to work flexibly’.*
And just half (50 per cent) of all employees surveyed rated their employer net ‘Good’ with regard to ‘Integration of employee benefit and wellbeing agendas to help make the most of existing support and services’.*
Younger generation, the cost of living and loneliness: a case in point
A useful and timely illustration of the need for an integrated approach to wellbeing is that loneliness seems to be disproportionately affecting the younger generation during the cost of living crisis, apparently due to their unique risk factor profile; income representing a more significant predictor of loneliness for 16-34 year olds than at any other life stage, even the over 65s.
While inflation is taking its toll on everyone right now, it is felt more by lower income households (sub £20,000), who are more likely to feel that quality of life is declining, according to the latest Legal & General Rebuilding Britain Index.
A decrease in disposable income not only makes it harder to make ends meet but can lead to pressure on social activities and reduce opportunities to connect with others.
For example, a survey by Ipsos found that, due to the rising cost of living: 45 per cent of young people (18-24 year olds) have taken on more hours since January 2022, in comparison to 31 per cent in the overall population; 30 per cent of 18-24s have borrowed more money (versus 14 per cent overall); or had to move back in with families (23 per cent versus 6 per cent); and 45 per cent say they have socialised less, though this is similar to the 43 per cent that say this overall.
And considering loneliness is linked to numerous physical and mental health problems – including coronary heart disease, depression and a weakened immune system – this arguably brings implications for workplace wellbeing strategy.
It’s increasingly understood that work is an influencing factor or determinant of loneliness. You can be around others, but still feel lonely. Loneliness is the feeling of being alone, regardless of the amount of social contact. And, according to psychologists, it can be influenced in the workplace by not feeling heard, not feeling safe to speak up, feeling that your talents are not being leveraged or valued.
Members of Legal & General’s Wellbeing Advisory Board reported that they’d noticed an increase in the issue of loneliness during the cost of living crisis – anecdotally at least – through work with employer clients. The Wellbeing Advisory Board is a group of cross-sector wellbeing experts (from representatives from intermediary firms and wellbeing practitioners to Business In The Community), with a guiding principle that work and health are inextricably linked and that “good” work impacts our overall wellbeing and shouldn’t be seen as a barrier to recovery.
They are now developing cross-sector insights to help bring simple, accessible and practical health and wellbeing guidance to employers and employees, to help with this issue. Watch this space…
In the meantime, here are our top takeaways on how to help employers “take five”:
- Help design wellbeing strategy in a way that’s hardwired to discrete business and workforce needs, not based on what’s working in other companies (industry benchmarking). Our exclusive partnership with Fruitful Insights can help with this, where applicable.***
- Provide a framework for people-centred, outcomes-focused wellbeing; one that considers all the pillars of wellbeing in an integrated way, with mental health as the foundation for everything and ‘good work’ factored in. Our Be Well. Get Better. Be Supported. framework can help with this.
- Use technology to help break down barriers to wellbeing. Extend essential mental health and wellbeing support to more people – supporting diversity, equity and inclusion goals – via GIP’s tech enabled services, such as Virtual GP, Employee Assistance Programmes and other wellbeing services (digital gyms, mental health eLearning, nutritional wellbeing pathways, self-guided mindfulness and meditation etc), also carer support services, and apps to help people manage long-term conditions.
- Help employers communicate in a way that connects to: integrate benefits as part of wellbeing strategy; support wellbeing service usage; improve value. Our communication support can help with this, from tactical hints and tips on how to tell employees about their benefits, to a step-by-step guide on strategic wellbeing communication. The latter will help HR plan year-round measurable communication, hardwired to both people and business needs.
*Legal & General Group Protection, Wellbeing at Work Barometer 2022 (1,005 senior managers or above in business with over 10 employees / and 1,040 middle managers or below in business with over 10 employees. Field dates, 1 June 2022 – 11 June 2022)
**Legal & General Group Protection, Wellbeing at Work Barometer 2021 (1,011 senior managers in business with over 10 employees / and 1,055 middle managers or below in business with over 10 employees. Field dates, 13-20 May 2021 (SME) and 13 – 26 Aug (midsized))
*** Our arrangement with Fruitful insights can help our GIP customers covering at least 100 employees.
The post Colin Fitzgerald: Take five! Cost of living support is about much more than financial wellbeing appeared first on Corporate Adviser.
