NEW YORK–(BUSINESS WIRE)–Morgan Stanley at Work today issued new data from its fifth annual State of the Workplace Financial Benefits Study. Amid heightened concerns around inflation and the economy—including fears of a possible recession—the data reveals that companies and employees alike are feeling increased pressure. As financial stress rises, this research underscores the strategic importance of workplace financial benefits both as a perceived safe port in the storm and as a key support for financial outcomes for employees and strategic employment priorities for organisations.
Source: Morgan Stanley at Work
Key Points
- Financial stress is rising, with 66% of employees reporting its negative impact on work and personal life.
- 83% of HR executives are concerned that employees’ financial issues affect productivity.
- 84% of employees believe employers should actively assist them with financial issues.
- 81% of employees feel the need to accelerate financial planning efforts.
- 59% of HR executives prioritise hiring and retention as a strategic financial goal.
- Workplace financial benefits are essential for employee retention and satisfaction.
- 80% of HR executives reported employee requests for financial support their companies do not currently offer.
Why should I read this?
If you’re in HR or just care about workplace dynamics, this article serves up some serious food for thought. With financial stress on the rise, employees are craving support, and those companies that step up to the plate with financial benefits stand to gain not only loyalty but also boosted morale and productivity. You definitely want to have this insight under your belt as workplaces adjust to the ever-changing economic landscape.
