Two Thirds Of Kiwis Concerned About Financial Security, Concerns About Job Security On The Rise, Workplace Wellbeing

• Two thirds of New Zealanders (67%) concerned about financial security
• 44% of Kiwis are concerned about their job security
• More than half (55%) are worried about finding a new job, if needed or desired
• Due to rising cost of living pressures 17% of respondents had recently looked for a second job

New findings from the 2024 Workplace Wellbeing survey, powered by the EMA and nib New Zealand (nib), reveals that the wellbeing of nearly two in five (39%) employees have been impacted by job insecurity and/or restructuring, and stressors continue to surge across both their professional and personal lives.

The survey canvassed the views of 1,229 New Zealand workers from 1 May – 22 May 2024, to paint a picture of the challenges they face in today’s evolving business landscape.

Respondents feel concerned about many facets of finance, including:

The state of the economy (83% up from 79% in 2022)

Financial security (67%, up from 51%)

Ability to service current levels of personal debt (50%, up from 39%)

Their job security (44% up from 33% in 2022).

Of those who said they’ve been negatively impacted by the rising cost-of-living, 17% have looked for a second job, and the same number had worked more overtime in the same period.

nib NZ Chief Executive Rob Hennin says while the findings around job anxiety may come as little surprise, they do paint a stark picture of the wellbeing of New Zealanders, who are navigating difficult economic times.

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“The fact that Kiwis are increasingly worried about the security of their jobs is likely feeding into their growing concerns around their financial security. This presents a challenge for employers who must navigate these relationships as they also grapple with the pressures of an economic downturn,” he says.

“At nib, we believe fostering workplace wellbeing has unparalleled benefits for employees and business leaders alike - both inside and outside work. It's essential for employers to give their teams the stability and support they need, alleviating their anxieties and fostering a healthier and more productive workplace in the process.”

Feeling the strain of job insecurity

Kiwis who stated their wellbeing had been impacted by job insecurity suffered higher levels of mental and physical strain when measured against all employees in the survey. They reported greater:

Stress (49% vs 38% for all employees)

Sleeping problems (43% vs 32%)

Anxiety (38% vs 28%)

Feelings of worthlessness (30% vs 19%)

Additionally, more than half (55%) revealed concerns about their ability to find new employment if needed or desired (up from 42%), signifying further stressors of combined financial and job insecurity.

Although these pressures are on the rise, the good news is that three quarters (75%) of employees are feeling satisfied at work, and three in five (61%) are unlikely to leave their job in the next 12 months. Meanwhile, there was a decrease in those likely to leave their job, from 25% in the last survey down to 19%, indicating that Kiwis are prioritising stability.

EMA Head of Advocacy Alan McDonald says a lot has changed in the past two years since the survey was last done.

“In 2022, employers were confronting the ‘Great Resignation’, when border closures resulted in chronic labour shortages that saw employees tempted away to higher paying jobs,” says McDonald.

“Today, with jobs becoming scarce, workers are wanting stability and are looking to stay in their existing jobs. This is not surprising given the economic environment. But it is also important that employers are not complacent and focus on their retention strategy so they can retain their talent when the economic tide turns.

“That is why it is important that employers look at how they can build a great culture, invest in wellbeing and make their employees feel valued. Doing this can help build loyalty, reduce turnover and boost productivity.”

About nib New Zealand:

nib’s purpose is your better health and wellbeing. We’re here to help Kiwis and their families live healthier, happier, financially secure lives, and to help local businesses who want to protect their employees. We do this by offering insurance that’s easy to use and affordable while also helping connect our members to the right tools and services to improve their health and wellbeing.

About the EMA:

The EMA is New Zealand’s largest business service organisation dedicated to helping people and businesses grow. It offers advice, learning, advocacy and support for more than 7,600 businesses as members of the EMA, ExportNZ and The EMA’s Manufacturers Network. The EMA is part of the The EMA is part of the BusinessNZ Network and itsterritory spans the upper North Island. The EMA also offers many of its services nationally to member businesses, and through its partners.

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