Most business leaders do not see it as their responsibility to support staff with financial woes.
New figures exclusively shared with City A.M. this morning from financial wellbeing Mintago lifts the lid on a lack of strategy for British firms during the cost of living crisis.
Surveying 762 managers, almost 40 per cent said they had no plan, while 57 per cent felt ill-equipped to help workers tackle the crisis.
The figures also showed 66 per cent of managers don’t feel OK with getting involved in their staff’s financial lives, with only 46 per cent viewing it is the employers’ responsibility to support workers.
“Too few businesses have a plan to support staff during the cost-of-living crisis”, said Chieu Cao, CEO of Mintago. “What’s more, just 46 per cent of managers consider it their responsibility to do so. This mindset is worrying.”
He said the economic situation is both a consumer and employer problem and that “it is businesses’ responsibility to ensure they have the practices, resources and support structures in place to protect their staff’s financial wellbeing.”
Saying company “managers will evidently need help” he warned money problems “remain a taboo subject in the workplace, with most managers feeling awkward discussing financial concerns with their staff.”
“Business leaders ought to support managers, giving them the tools – from educational resources through to financial wellbeing platforms – so they in turn can help employees.”