2024’s Silent Crisis: The Financial Well-Being of Employees

Unveiling the Impact of Financial Stress on Business Productivity and Stability in the Upcoming Year

1 min read
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Key Takeaways:

  • Financial Well-being of Workers: Rising as the primary challenge for businesses in 2024, impacting productivity and sustainability.
  • Effects of the Cost of Living Crisis: Ongoing economic challenges are tightening operational costs, making salary increases difficult.
  • Innovative Employee Benefits: Companies are adopting creative benefits and support programs to alleviate financial stress among employees.

The Looming Challenge for Businesses in 2024

As we step into 2024, the financial well-being of employees emerges as a predominant challenge, threatening to impact business productivity and financial stability. David McCormack, CEO of HIVE360, a leading employment solutions specialist, highlights the alarming situation of the workforce’s financial fragility, with half living paycheck to paycheck.

The Cost of Living Crisis: A Pervasive Issue

The economic fallout from various global events, including Russia’s invasion of Ukraine and the ongoing pandemic, has compounded the financial struggles faced by businesses and their employees. With rising costs and tight margins, providing financial relief through pay raises is becoming increasingly challenging for employers.

The Ripple Effect on Organizational Performance

A significant number of UK employers (51%) express concern about the detrimental effects of the cost-of-living crisis on organizational performance. Nearly half view it as the single most significant threat to their business operations.

Beyond Pay: The Rise of Alternative Rewards and Benefits

As financial pressures mount, businesses are exploring ways to support their employees beyond traditional pay increases. Claire Lidgbird, HIVE360’s Customer Experience Manager, points out the growing popularity of employee discount schemes and targeted support for everyday expenses as effective measures to alleviate financial stress.

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The Data Speaks: Demand for Financial Well-being Support

Research indicates a strong demand among workers for financial well-being support and advice. HIVE360’s analysis of user data for their Engage Wellbeing Centre app shows that nearly half of UK workers are seeking such support.

Employee Engagement: A Key to Productivity

The relationship between employee engagement and productivity is significant. Engaged employees are 21% more productive, and companies are increasingly realizing the importance of comprehensive wellbeing and support programs.

HIVE360: Pioneering Employment Solutions

HIVE360 stands out as an employment solution expert, offering outsourced employment administration and payroll services compliant with HMRC regulations. Their focus is on enhancing client businesses through strong employment offerings, including the Engage Employee Wellbeing and Benefits app.

Engage App: Bridging Employers and Workers

The Engage app, offered in 120 languages, includes various features like My Training, My Health, and My Money. It serves as a pivotal tool in connecting employers with their workforce, promoting engagement, and providing real-time insights into personal pension performance.

Conclusion

As businesses navigate the complexities of 2024, the focus on employee financial well-being is more crucial than ever. Innovations in employee benefits and engagement strategies are key to maintaining productivity and stabilizing financial health in the face of ongoing economic challenges.

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