From education to employment

Financial worries impacting employee engagement, wellbeing and attrition rate:
who’s responsible?

someone on a laptop

The latest data from WorkL reveals that as the cost-of-living crisis deepens, employees are unhappier than ever with their salary.

Over 8,000 workers were asked in the last four weeks if they are fairly paid at work, and the average response came in at 66%- 2% lower than earlier this year (68%) which is also the average score for 2021. The score is currently at its lowest for three years.

WorkL data also reveals that employee sentiments towards fair pay are a key indicator of their Wellbeing and flight risk. When employee’s score poorly on the question ‘I feel fairly paid’, their Wellbeing Risk (+1% YOY) and Flight Risk (+7% YOY) scores are high, meaning that the employee is at risk of poor wellbeing and leaving their organisation in the next three months.

This problem is especially prevalent in the disabled employee community. Disabled employees have had a 7% decrease in reward and recognition scores and 8% decrease when asked if they are feeling fairly paid.

The Workl happy at work survey has been taken by over 250,000 people globally since its launch in 2017. The test is centred around the Founder, Lord Mark Price’s widely approved employee engagement theory: Six Steps to Workplace Happiness, which includes Reward & Recognition, highlighting how important a fair salary is for employees.

 Comment from Founder of WorkL Lord Mark Price;

“Money matters. Everyone in an organisation should enjoy the rewards of its success. If you’re not earning a fair salary, no amount of recognition for a job well done will be enough to make you forget that you’re not being paid enough. Your pay scale has to meet expectations and encourage discretionary effort. I encourage employees to ensure that they are correctly rewarding their employees, especially during these financially challenging times.”

Employers must take the financial concerns of their workforce seriously if they want to maximise employee engagement and retention and Wellbeing. To help maximise employee engagement, retention and Wellbeing, WorkL’s engagement specialists have researched their top tips employees can utilise;

1. Leadership commitment

Consistent and stable leadership, show a sincere interest in their direct and wider team.

2. Management commitment

Consistent, impartial and honest, and are able and willing to provide appropriate feedback and coaching.

3. Clear Goals

The goals of both business and individuals should be clearly and explicitly understood and expressed. Wherever possible they should be set by those delivering so they are truly owned.

View the latest Financial Wellbeing Webinar which featured Tim Perkins, Co-Founder of Nudge.

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