Due to inflation, the cost of living is growing higher and the high prices of goods could prolong. The nation-wide wage increases are not in parallel with inflation. This has resulted in a lack of financial security for employees, making them worry. Some employees will struggle to save for retirement due to their disposable income being spent on the excess food, transport and rent prices. One report found that the biggest current worry for employees is how they are going to cover their monthly expenses and whether they can afford to retire.
Employers must introduce a prolonged strategy to aid their workforce whilst the economy is struggling. It is vital that they improve living wages so that employees can feel confident in covering all of their necessary expenses. Employers should assist their employees by educating them on managing finances.
Health & well-being of employees is starting to become a focal point of priority for employers. They are starting to put much more attention on their basic needs. Since the COVID lockdown, remote & hybrid working is on the rise and more time is being spent working. Ultimately this is leading towards mass burnout of employees, with many already quitting their jobs. It is common for those working from home to burnout sooner. One study showed that over 50% of employees are exhausted on the typical workday. Employees will be more productive when they are in a better frame of mind, so prioritizing the well-being and health of employees could ultimately benefit the company. In addition to this, ensuring that the employees are in a positive state will result in them enjoying their time at work more and so employee retention will be high.
A healthy work-life balance can differ from person to person. Some can work longer than others without burning out. This balance does not mean 50/50 work and life, it means splitting your time in a way which makes you fulfilled and content with life and work. Employees who master a good work-life balance can continue to meet deadlines at work whilst still having time for their friends and hobbies. They have enough time to sleep over 8 hours per night and also eat healthily. They also don’t worry about work outside of working hours.
