October 5, 2023
A new study from Alight reveals that 64 percent of the UK workforce would rate their overall wellbeing as low. This comes at a time where economic headwinds, budget cuts and remote work has created a feeling of uncertainty in the UK workforce, heightening the urgency for employers to act fast or compromise employee wellbeing.
The survey claims that employees have little faith in the situation improving, with nearly half believing that their financial situation will worsen over the next year, and over a third that they will never have the life they want, and it reveals that employees are continuing to experience high stress levels, with mental wellbeing showing no signs of improving.
Key statistics from Alight’s 2023 International Workforce and Wellbeing Mindset Study include:
- 64 percent of the UK workforce rates their overall wellbeing as low
- Personal finances (59percent) and job challenges (55 percent) rank as the top sources of stress
- 29 percent of employees say their mental health has declined due to the current economic environment.
- 31 percent would like to see more robust wellbeing benefits introduced within their company
Personal finances (59 percent) and job challenges (55 percent) rank as the top sources of stress, while 29 percent of employees say their mental health has declined due to the current economic environment. Unfortunately, 37 percent of workers report experiencing adverse effects of job-related stress, and just over a quarter have suffered from anxiety / panic attacks (27 percent).
The impact of today’s cost-of-living crisis on people’s daily lives is apparent in respondents’ financial sentiment. The financial outlook among UK employees is pessimistic at present, with 47 percent of those surveyed believing their financial situation will worsen over the next year and half of respondents reporting feeling that the current economic situation is negatively impacting their overall wellbeing. Meanwhile, over a third (36 percent) believe they will never have the life they want due to financial constraints.
When it comes to physical wellbeing, 46 percent of employees state that work-life balance is a key component to maintaining a healthy lifestyle. To help employees, employers might consider offering healthy eating advice, which over half (51 percent) of respondents wanted, along with support for work/life balance which 46 percent of people suggested.
Despite the value employees place on physical wellbeing, the survey states that only a quarter (25 percent) are enrolled in employer health plans. However, upon delving deeper into the figures, the research shows that those with the highest salaries are twice as likely to be enrolled in a health plan than those on the lowest – 34 percent versus 16 percent. It’s clear from this that employee health plans, and their resulting benefits, need to be more clearly illustrated across the scope of the business.