/HR ‘do not feel equipped’ to offer support to employees with money worries

HR ‘do not feel equipped’ to offer support to employees with money worries

  • Concern sparked as 37% of Britons put Christmas presents on credit last year
  • 49% of HR professionals don’t feel it’s their remit to help staff with money worries
  • 45% don’t feel employees bring financial concerns to work, but research shows they do

Four in ten HR people said that they would not feel equipped to offer support if workers came to them with money worries and almost half (49%) feel it’s not in their remit to do so, new research from Neyber has found.

The study, carried out among 10,000 UK employees and 500 employers found that 45% of HR people said that they believe employees don’t bring their financial concerns into the workplace. Yet the same research showed that 35% of employees say they have felt stressed, 26% have lost sleep, 20% have felt depressed, 10% struggle to focus at work and 6% have missed a day at work, specifically because of financial worries. Of these, 40% say the issue creates a negative impact on relationships at work.

Heidi Allan, head of employee wellbeing at Neyber, said,

“It will be no surprise to know that this time of year is particularly problematic. According to debt advice charity National Debtline1, 37% of employees put Christmas expenses on credit last year, so although this is not the employer’s issue, there is great scope to support staff with financial wellbeing and education so they can start 2019 in the best possible way. There has quite rightly been great concern in the HR market in the last year, so it is positive that so many are helping employees where they can.”

Neyber’s report showed that three in ten employers have a well-developed wellbeing strategy, encompassing personal finance, retirement planning and employee benefits, however a further 20% said they have no strategy at all, and while 17% of those are considering it, 12% have no plans to introduce one at all.

“It is a widely known fact that employees often struggle to manage finances, which can be a very lonely feeling. The research shows 7% don’t know who to turn to and 16% handle it on their own. Perhaps not surprisingly, just 3% would go to their HR team, or 5% to a manager, but it is possible for HR and employers to create a supportive environment for staff without going to great expense themselves.”

Neyber’s full report can be found here.

Senior Editor Lisa Baker is the owner of Need to See it Publishing Group, providing contract news for business and news sites across the UK. Lisa is an experienced HR writer and commentator, editing HR publications for more than 5 years.