Aimee O'Leary
Written by
Aimee O'Leary

Today marked day 15 of our month-long Summer Series: 25 minute daily talks all throughout July. This session features Gethin Nadin, Director – Employee Wellbeing, Benefex. Gethin’s talk looked at what we can learn from previous recessions that can help employers improve the financial wellbeing of their staff during the financial difficulties of Covid-19.

“You never let a serious crisis go to waste. And what I mean by that it’s an opportunity to do things you think you could not do before” – Rahm Emanuel

Coronavirus has given us a really good excuse to be more experimental and try new things. As we enter a new recession there are lessons we should have learnt form the last that would have helped our employees better manage the financial stresses in life.

Employees need help.

  • In 2020 before Covid-19, money was the #1 worry in the majority of employees life across the world
  • Globally, money worries are responsible for almost 20% of suicides
  • Wellbeing across the globe has taken a dramatic fall since April, and is now as low as the great recession in 2008.

Organisations that don’t step up and help are going to suffer

An analysis of pre-Covid-19 data from late 2019 compared to April 2020 shows that employees are now more likely to believe their employers have a responsibility to address their health and wellbeing particularly when it comes to financial wellbeing. And, 41% of them feel their employer does not currently offer benefits or programs that help support or help their wellbeing during this challenging time.

If they don’t get that support, employees are planning to leave their organisations for ones they feel will support them in the way they expect. In fact, a 2020 Deloitte  survey concluded that for every £1 invested in supporting employee financial wellbeing, there is an ROI of £3.50 for the employer.

In this session, Gethin spoke about the link between financial wellbeing and mental health as well as what organisations can do to support their employees.

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