The majority of employees value a steady income as much as the amount of money they receive.
A survey by Citizens Advice asked 2,067 people what they valued most from their employment:
- level of pay (93%)
- reliability of income (92%)
- opportunities for experience (84%)
- being passionate about what they do (82%)
- progression opportunities (74%).
83% said that a steady job with regular pay (as opposed to shift work or zero hour contracts) increases productivity and 86% thought it increased employee loyalty.
Gillian Guy, chief executive of Citizens Advice, said that income security is the “overlooked piece of the labour market puzzle”:
“Having a steady, reliable income is fundamental to how secure people feel and is key if the government wants to achieve its ambition of a high wage, low welfare economy.
“Offering people a secure income is also in the interest of employers, as it boosts morale and productivity.”
Employee stress and productivity
Employee financial worries can have substantial effects on productivity. A report into financial wellbeing by Neyber found that:
- 70% waste around 20% of their time at work worrying about their finances
- 17.5 million hours were lost due to financial stress related absence
- 55% agreed that financial pressure affects their ability to do their job.
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