Financial stressors driving many employees to look for another job
The cost-of-living crisis is taking a major toll on New Zealand employees, with significant impacts on their mental and physical wellbeing, according to a new report.
The 2024 Workplace Wellbeing survey, conducted by nib New Zealand and the Employers and Manufacturers Association (EMA), revealed that 80% of Kiwi workers feel negatively affected by the current economic conditions.
Among them, 50% believe that the cost-of-living crisis has negative impacts on their mental health, while 26% said it worsens their physical health.
The survey, which gathered responses from 1,229 employees, further found that 22% of Kiwis have looked for a new job and 17% have looked for a second job due to financial stressors.
But in addition to finances, 52% of the respondents also have rising concerns over the risk of burnout at work, up from 47% in 2022. Other growing worries for employees include:
- The mental health and wellbeing of family members (64%, up from 56%)
- Personal mental health and wellbeing (55%, up from 51%)
- Personal health (62%, up from 59%)
"Compared to our previous survey, seeing how many of these concerns have increased is confronting and shows the pressures those in the New Zealand workforce face," said Rob Hennin, chief executive at nib New Zealand, in a statement.
Employers stepping up
However, the report found that more organisations are taking proactive steps to take care of employees' wellbeing. Sixty-one per cent of employees said their workplaces are proactively managing employee wellbeing, up from 53% in 2022.
In fact, fewer employees said they are impacted by:
- understaffing (47%)
- poor work-life balance (26%)
- pressure to work long hours (34%).
Alan McDonald, EMA head of advocacy, said it is "encouraging that employers are stepping up" to take care of employees' wellbeing.
"With employees experiencing financial strain, health issues, concerns for the future and more, it's no surprise that they're seeking stability in their current workplaces, as well as when they're seeking a new role. It's clear that when employers take steps to proactively manage wellbeing, employees respond positively, helping to alleviate some of the broader societal pressures," McDonald said in a statement.
Enhancing wellbeing support
According to Hennin, there is "no better time than now" for employers to be more proactive in their support for their teams' mental and physical health.
The report noted that the importance of Employee Assistance Programmes and wellbeing initiatives and subsidies for employees went up 60% and 72%, respectively.
It added that some of the benefits that employees look for when switching jobs include:
- medical and health insurance (64%)
- more comprehensive insurance such as income protection illness cover (48%)
- life insurance (43%) additional parental leave beyond the mandated days (26%).
"Fostering this positive workplace culture starts from the top down, so it's just as important for business leaders to embody these values in their day-to-day," Hennins said.
