The economic situation is having a profound impact on employee wellbeing
Two thirds of employees are concerned about their financial security
The state of the economy, inflation and job insecurity are all weighing heavily on employees. In fact, 83% of employees are concerned about the economy.
This is impacting both their physical and mental health and is resulting in reduced productivity at work. Worse, it is disproportionately impacting Māori and those under 40.
Four out of five employees say the cost-of-living crisis has negatively impacted them. But it is impacting people in different ways. We found that nearly half (43%) said their mental health had been negatively impacted.
Younger workers are disproportionately affected, with 54% of those aged 21-30 and 53% of those aged 31-40 saying that their mental health had been impacted by the cost-of-living crisis.
Other findings included:
- 67% are concerned about their, and their household’s financial security, up from 51%
- 51% are concerned about their ability to service current levels of debt, up from 39%
- 23% say their physical health had been negatively impacted
- 11% say they had declined in productivity
- 8% took more sick leave and time off than previously.
As the economy has turned, and businesses look to reduce costs, employees are becoming increasingly concerned about their job security, as well as their ability to find new employment. We found:
- 44% of employees are concerned with their job security, up from 33%
- 43% are concerned about the job security of others in the household, up from 31%
- 55% are concerned that they won’t be able to find new employment if necessary or desired, up from 42%.
Job insecurity is impacting wellbeing
Two in every five employees’ wellbeing is being impacted by job insecurity or uncertainty because of cost cutting and restructuring. These workers are experiencing mental and physical health symptoms, including:
- 53% tiredness
- 43% sleeping problems
- 30% feelings of worthlessness
- 49% stress
- 38% difficulty in concentrating.
Māori have been disproportionately impacted by job insecurity, with widespread restructuring a major cause of job insecurity. In fact:
- 37% of Māori are experiencing job insecurity
- 26% say their wellbeing is being impacted by job insecurity
- 53% are experiencing job insecurity because of company restructuring/downsizing.
What can you do?
Leaders need to be understanding and be mindful of the financial pressure many employees are experiencing right now, as well as the impact this is having on their mental and physical health.
Consider regular wellbeing conversations with your team. Wellbeing conversations are caring and compassionate, giving the employees space to enable them to holistically explore their wellbeing, allowing you to better understand how to support them.
Access to EAP services can also provide employees with confidential and professional support to help employees who are experiencing personal or work-related difficulties.
If you haven’t done so already, consider introducing health insurance as an employment benefit. Corporate health insurance can help motivate employees, improve productivity, reduce days off work in the event of illness and reduce the stress and financial of relying on the public health system.
Practical Solutions and Resources
Training courses
Mental Health Awareness for Managers
The Mental Health Awareness Training is a comprehensive one-day program designed to equip participants with the necessary knowledge and skills to support and promote mental wellbeing in the workplace effectively.
The training aims to raise awareness about mental health issues, reduce stigma, and foster a positive and supportive work environment. Participants will learn to recognize signs of mental distress, respond empathetically, and implement strategies to create a healthy workplace.
Stress Management and Mental Resilience
By understanding stress responses at their core and providing tools to intervene at an early stage, many negative outcomes may be avoided before they snowball into seemingly insurmountable issues.
If you find it difficult to manage your stress, this one-day workshop will make a difference. It is valuable to anyone who feels that anxiety is impacting on their lives in and out of work.
- Remove ambiguity around stress and anxiety.
- Provide quick easy methods to short circuit negative thinking.
- Demonstrate techniques to improve sleep quality.
- Have tools to periodically measure stress/life balance and how to identify negative triggers.
Become a Mental Health First Aider
With a growing need to support mental health in the workplace, this two-day programme empowers people within your organisation to provide safe, practical, caring responses to anyone experiencing anxiety, depression, psychosis or who are suffering with a mental health disorder.
EMA are proud to offer Te Pou’s Mental Health First Aid Aotearoa 4th edition, an evidence-based, evidence-informed, internationally researched programme delivered in over 24 countries.
- Suitable for anyone who wants to gain knowledge and practical tools to support themselves and others in the workplace, at home or in life who experience a challenge with mental health.
- It will provide individuals with the fundamental knowledge and skills to aid those in crisis.
eLearning modules
Managing your Finances
Gain knowledge and skills needed to conduct your own financial check-up to review how healthy your cash flow is.
- Learn how to create your own budget to either reduce/avoid debt or save for the future.
- Get basic tips on making your money work harder for you.
Resiliency Bundle
Part 1: The Resilient Mindset
- Help you understand that our different life experiences have led us to all have very different levels of resilience, and what we do have in common is the ability to build up our resilience no matter how low it may be.
Part 2: Building Blocks of Resilience
- The building blocks of resilience module will take your staff through the basics of how to expand and build upon their current resilience levels.
Part 3: Measuring Your Resilience
- This module has everything you need in one place to help assess and measure your personal resilience levels. It provides science-based strategies for building up your resources as needed.
Resource documents and policies
Webinar
The Workplace Revolution: Building a Safe, Resilient and Productive Workplace
In this webinar, we’ll explore what you can do to empower your teams to create workspaces that value our emotional and physical wellbeing.
This expert-led webinar discussion includes Q&A time, employee wellbeing data, and a tailored takeaway resource with tips and tricks you can put in place right away.
- Zac Parish, Founder, Awareness Academy
- Steve Birdsall, Project Manager, Southern Spars
- Paul Jarvie, Health and Safety Expert, EMA
Available now.
nib Insurance
Boost employee wellbeing with tailored Health, Life and Trauma cover for a healthier, happier workplace.