THE COST OF LIVING CRISIS AND EMPLOYEE MENTAL WELLBEING

Medical professionals are concerned about how the cost of living crisis impacts people’s mental health.

A recent survey commissioned by the Royal College of Physicians found that more than half of respondents felt rising costs had negatively affected their health.

As energy prices and inflation continue to rise and are forecasted to rise further, we look at how money will impact employees’ mental health and what we can do about it.

How money can affect employees’ mental health

When people worry about money they can experience a low mood, anxiety, a lack of control and stress. Ongoing stress results in poor mental health. People can feel stuck and hopeless.

Money worries can manifest themselves in feelings of shame and embarrassment when people do not know where to get support and advice.

These feelings can also make it more difficult to speak to others about the problems they are facing. There is a double stigma attached to talking about mental health and money too. This can lead people to feel isolated and alone.

It can easily become a downward spiral, as poor mental health affects our ability to solve financial problems, know where to start, take on extra work such as overtime and do different types of work.

What can employers do to minimise the impact of the cost of living crisis on employee mental wellbeing

There are many ways employers can help. Increasing pay levels, one-off payments, bonuses, targeted financial assistance, etc can go a long way but sometimes that’s not possible.

Supporting employees can be done in other ways too.

Encouraging employees to move back to the office can save on household energy costs. Conversely, allowing people to stay at home may save on travel costs. Consider schemes to help such as the government’s tax relief for travel expenses and share the information with your workforce.

Consider car sharing schemes and facilitating the sharing of childcare costs.

Try to create a workplace culture that supports mental health. If employees are stressed about the cost of living, then it’s even more important to take action to reduce additional workplace stress.

Address the stigma of mental health and money through employee training and open forums.

Encourage staff to talk about their specific worries. This doesn’t have to be done in an open forum, and private check-ins can be helpful.

Consider moving to a proactive employee assistance programme that is designed to tackle issues and worries before they become problematic for both the employee and the organisation. Talking to a trained psychotherapist or counsellor is a great way to get help. There are many therapies such as  cognitive behavioural therapy (CBT) or solution-focussed brief therapy (SFBT) that are very effective in helping with these issues.

Make sure your team are equipped with the skills to spot the signs and symptoms of poor mental health. Just as importantly, ensure they know how to signpost for help. The ideal way to do this is to establish a network of mental health first-aiders or arrange mental health training specifically for your management team.

Give employees the time and private space to talk to banks etc. Most only operate between 9.00 and 17.30.

Of course, the usual good practice of recognition for good work should continue but it may be time to reinforce this by sharing positive client and inter-departmental feedback.

If you would like to discuss how Corporate Personal Wellbeing could help your organisation mitigate the effect of the cost of living crisis on the mental health of your employees, please contact us.