A recent survey conducted to examine employee engagement in the UK has revealed some eye-opening results. According to the Engage for Success (EfS) UK Employee Engagement Survey 2023, one-third of employees in the UK are feeling less engaged at work due to personal finance issues. This is a significant finding, as it suggests that financial concerns are having a direct impact on employee productivity and motivation in the workplace.
The survey, which received responses from over 3,000 individuals, aimed to measure the engagement levels of UK employees following the COVID-19 pandemic. The results of the survey are translated into an EFS Engagement Index score, which remains stagnant at 62%, indicating that while UK employees are showing up for work, they are not fully engaged. This score is influenced by the actions of organisations, as respondents who felt that senior leaders and managers prioritised people issues showed significantly higher engagement scores.
Furthermore, the survey also revealed that employees who had access to five or more wellbeing resources reported an EFS Engagement Index score of 73%, compared to a score of 55% for those who had no access to wellbeing resources. This highlights the importance of providing comprehensive support to employees, as it directly impacts their engagement levels.
The report emphasized the critical role of line managers and workplace relationships in fostering and nurturing engagement levels. Dr. Sarah Pass, a senior lecturer in Human Resources Management at Nottingham Business School, stressed the importance of line managers in influencing how employees perceive their work environment and their overall engagement. In light of this, the report recommended that organisations must prioritise individual wellbeing, adopt a human-centred approach to employee experience, and re-evaluate their organisational purpose. It also highlighted the need for ongoing training and support for line managers to better support their teams and create a positive workplace culture.
The survey’s findings have garnered attention from industry experts and leaders. Dr. Sarah Pass emphasized that investing in the workforce can help businesses build resilience during economic uncertainty and promote sustainable growth. David MacLeod OBE, a co-founder of Engage for Success, stressed the need to tap into the untapped potential of employees to improve organisational outcomes in all sectors of the economy.
Nita Clarke OBE, director of the Involvement and Participation Association, echoed the sentiment, stating that positive employee engagement must underpin every national effort to improve productivity. Furthermore, James Court-Smith, director at business analytics firm Stillae, highlighted the direct impact of employee engagement on organisational performance, emphasizing the need for employers to work on engagement to boost performance.
The survey’s significant findings underscore the crucial link between employee engagement and personal finance issues. It sheds light on the challenges faced by employees and provides valuable insights for organisations to improve engagement levels, support their workforce, and drive sustainable growth. It is imperative for organisations to take proactive measures to address these issues, prioritise individual wellbeing, and create a supportive workplace environment to enhance employee engagement.