Keeping employees happy, healthy, and productive is one of the big challenges facing any business.
However, a recent report from Sky News revealed that workplace absences have hit their highest level in over a decade.
Analysis from the Chartered Institute for Personnel and Development (CIPD) has revealed an employee was, on average, absent for 7.8 days over the past year – up a full two days on pre-pandemic levels.
The CIPD also found that stress was one of the key factors in workplace absence. Three-quarters (76%) of respondents had been off work due to stress, with 63% citing mental health issues.
Improving an employee’s financial wellbeing can boost their mental health
Mental health charity Mind shares some ways in which financial stress can negatively affect an employee’s mental health:
- If they are feeling low or depressed, they may lack motivation to deal with financial issues. So, they may not shop around for deals, or not take an active interest in managing their mortgage.
- Spending can result in a brief high, so individuals might overspend to try and feel better.
- Poor mental health can result in time off work. This may result in a loss of income, which could make the problem worse.
Indeed, 86% of respondents to a Money and Mental Health Policy Institute survey of nearly 5,500 people with experience of mental health problems said that their financial situation had made their mental health problems worse.
It’s clear that supporting employees and colleagues with their finances can provide wellbeing benefits. Reducing stress can mean a more productive workforce, and less absenteeism.
Altura can provide bespoke mortgage advice and financial education to your team
When it comes to your employees, their mortgage is likely to be their biggest financial commitment – and often their biggest worry.
This is especially true in recent months where the cost of borrowing for millions of homeowners has risen sharply. For example, the Office for National Statistics (ONS) reports that monthly mortgage repayments rose by 61% for the average semi-detached home in the UK in the year to December 2022.
Offering mortgage advice to your team can help them to:
- Understand their options, particularly if their mortgage deal is coming to an end, helping them obtain the best new deal to manage the “payment shock” of higher mortgage payments.
- Get the right mortgage for them if they are moving home, helping to manage the process during what many surveys show is one of the most stressful of all life events.
- Get onto the property ladder if they are buying for the first time, providing advice and education to help meet this aspiration.
As independent mortgage experts, we can search the market on behalf of your employee, looking at thousands of options from dozens of lenders to find the most appropriate deal for them.
Knowing that they are working with an expert can give them the peace of mind that their finances are in safe hands, resulting in one less thing to be stressed about.
We offer both in-person and virtual meetings – whatever is convenient for you and your team – and we can also provide a wealth of information and guides to help employees navigate their mortgage challenges.
We can also run educational workshops at your place of business or virtually, helping your team to better understand their mortgage options.
A simple, expert, free service
When you partner with Altura, we’ll take responsibility for all the financial risks and the suitability of the advice we provide.
We can tailor a service to the specific needs of your business – whether that’s group education sessions or one-on-one meetings to help individuals with their mortgage.
Crucially, the suite of Altura services is entirely free to both employer and employee.
It’s a simple, cost-effective way of offering your employees an additional layer of financial support. As you have read, improving financial wellbeing can boost an employee’s mental health, and help you to retain a happier and more productive team.
We have a wealth of experience working with businesses and their employees, from small companies through to some of the very biggest.
To find out more, please get in touch. Email Rob Gill at rob.gill@alturafin.com or call on +44 (0) 20 3411 0079.
Please note
Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.
