Money worries impacting on productivity - Mitrefinch

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Money worries impacting on productivity

Published: January 17, 2017

Employees with money worries may find their work impacted, according to a new study.

Research by the CIPD and Close Brothers Asset Management found financial concerns is leading to stress amongst staff and this can undermine productivity in the workplace.

A total of 30 per cent of employees within the public sector felt money worries have affected their performance, while 19 per cent admitted a lack of sleep caused by financial woes has led to a reduction in their productivity.

The survey of 1,600 UK employees also examined how financial well-being could be improved, with many suggesting a pay rise could help, although other solutions included being treated fairly at work and being able to increase contributions to their pension pots.

Charles Cotton, reward and performance adviser at the CIPD said: “This report shines a light on how financial well-being can impact not just employee health, but also workplace productivity.

“Employers not only have a duty of care to their employees but will also see their bottom lines benefit if they invest time in developing a financial well-being strategy and play an active role in supporting staff in this area.”

Mitrefinch offers a range of business solutions such as time allocation and job costing technology and absence management software.

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