Helping employees with Brexit financial worries

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How to help employees with Brexit finacial worries

According a survey commissioned by the Centre for Labour and Social Studies, 20 per cent of British workers have a monthly shortfall of more than £100, and 25 per cent believe Brexit will make things worse.

In other research, from Dennis Novy, associate professor of economics at the University of Warwick, Brexit has already cost workers more than £400, because of the fall in the value of the pound and increasing prices of some products.

Professor Novy said,

The economic effects of leaving the EU will depend crucially on the outcome of the ongoing negotiations between the UK and the EU. But even before Brexit has actually taken place the referendum shock of June 2016 has already had substantial economic costs for the typical household.

Heidi Allan, head of employee wellbeing at Neyber, added her advice:

With so many UK employees feeling the pinch and half already borrowing to make ends meet each month – the added level of uncertainty of Brexit along with the potential negative impact on spending power – it’s no wonder that financial worries are the biggest concern keeping employees awake at night.

Neyber recommends that HR supports employees in this way:

Encourage people to share their concerns – they don’t have to go into specifics. It’s ok to feel uncertain, many are in the same boat. Create an environment of support and openness, where there’s no stigma, this ideally means colleagues look out for each other, spotting changes in behaviour, which could be triggers for needing help. Support vulnerable workers whose concerns can be personal, sensitive and difficult to talk about. Consider particularly those who have health conditions, work irregular hours, are in low paid roles or are carers. It is important to help employees to understand how to budget so they know small changes can have a big impact, and let them know where they can go for help. Financial education, along with fairer finance, can be available for employees through employers.

 

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