Eighty-three per cent of workers favour a steady income just as much as other benefits
The majority of employees value a steady income as much as the amount of money they receive, says Condies.
The firm, which has offices in Edinburgh and Dunfermline, points to a survey by Citizens Advice which 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%).
Eighty-three per cent 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 financial worries can have substantial effects on productivity, says Condies.
A spokesperson for the firm said: “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.”