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One-fifth of workers are less productive because they spend working hours worrying about money.
November 30, 2022
The U.K. is experiencing the greatest cost of living crisis in 60 years.
Russia’s invasion of Ukraine has created a squeeze on gas supplies throughout Europe. At the same time, rising transport and packaging costs are making imports more expensive. This has resulted in a sharp increase in goods and energy prices.
It has also been revealed that former Prime Minister Liz Truss’ disastrous mini budget in September cost the country £30 billion. This doubles the sum the U.K. Treasury says it will have to raise via a huge program of tax rises and spending cuts.
With recession looming, the current U.K. inflation rate is now more than 11%.
Many people are worried about making ends meet this winter. Research shows that 10% of U.K. employees have missed days at work due to financial problems. A further one-fifth of workers were less productive because they spent working hours worrying about money. This amounts to a total annual cost to businesses of more than £6 billion.
This is only going to worsen in the current economic crisis.
At the same time, a survey has found 39% of U.K. managers do not have a clear strategy in place for supporting staff during the cost of living crisis. Additionally, 57% do not feel well-equipped to support their colleagues through the crisis.
In the slideshow above, five channel firms share with us what they’re doing to support employees during the current crisis. This includes financial help, flexible hours and ensuring people’s mental and physical well-being.
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