A Proactive Response to Well-Being in the Cost-of-Living CRI S I S 2. Understand employee needs Making a conscious effort to understand what employees are going through and the kind of support that they need is an integral part of any well-being strategy. Any preconceptions must be abandoned, and leaders must acknowledge that, similarly to mental health struggles, financial burdens impact everyone, regardless of Leaders can set the precedence for this through their own honesty with colleagues. As leaders we often feel the need to appear strong and collected at all times; however, displaying vulnerability can help demonstrate to employees that it is okay to do the same. This will help create spaces where employees can explore personal challenges with empathy and understanding, whether within teams, with line managers or with healthcare professionals. 1. Embed a culture of psychological safety When addressing any wellbeing issues whether physical, mental or financial; a culture of psychological safety is key. Employees need to feel that they can discuss their concerns honestly with senior leadership without fear of negative consequences. Lesley Cooper In light of the cost-of-living crisis, the impact on employee mental health poses new challenges for leaders, who will need to guide the workforce through these turbulent times. Money concerns can have a range of effects on mental health, which may result in performance depletion. A recent study found that one in four employees said money worries affected their ability to do their work; including those earning higher incomes. Money-associated stress often results in staff sickness, with 4.2 million workers a year being lost due to problems with financial well-being, meaning it is crucial leaders cultivate psychologically safe spaces where employees feel supported. Here are 5 key ways to create a proactive well-being framework. 7 1
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