Australian workplaces are currently facing a myriad of challenges and opportunities.
Through our series of weekly Market Updates, APM’s Health & Wellbeing team will provide regular insights to help you address some of the most pertinent issues arising and keep your teams thriving.
What does this mean?
It is being called the ‘economic cliff’ – when the government schemes designed to support people during the COVID-19 restrictions come to an end.
While some elements of support may remain after September, much is still uncertain, especially with varying success rates in the response to COVID-19.
As a result, millions of Australians face financial uncertainty and possible job loss as the impact on our economy continues.
Despite easing of restrictions, the May 2020 NAB Business Confidence Index still shows negative conditions.
Financial uncertainty severely affects people’s health and work effectiveness:
- Financially stressed people take 2.4 extra sick days and spend 3.2 extra days per year dealing with money issues while at work (source: AMP Financial Wellness 2019).
- Financial stress and job loss adversely impact mental health and general health, and are a significant risk factor for suicide.
How you can help
- Equip supervisors and leaders to build trust, with help to recognise early signs of financial and career stress in their team members.
- Clearly promote the health and wellbeing services of your EAP – now is the time people need help.
Where to go for help and information:
- Assure Programs offer a free tip sheet on dealing with financial uncertainty
- Call the National Debt Helpline, 1800 007 007
- See ASIC’s MoneySmart guidance
- Call Lifeline, 13 11 14
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