Many millennials struggling with their wellbeing

(2 minutes to read)

Hays: ‘It’s certainly encouraging that employers have stepped up their wellbeing support, but our findings suggest that far more needs to be done’.

Despite many employers providing increased support, wellbeing among millennials across the UK has plummeted since the start of the pandemic.

The Hays report gathered responses from over 11,500 employers and employees in the UK and revealed that before the impact of the virus, 59% of professionals born between 1983 and 1995 rated their wellbeing positively – this dropped to 39% during the pandemic.

It is also considerably lower than 48% of Baby Boomers (born between 1940 and 1960), 46% of professionals in Generation Z (born after 1995) and 42% of Gen X (born between 1961-1982) who currently rate their wellbeing positively.

However, despite the reported drop in wellbeing, more than three quarters of respondents (79%) say that their organisation offers some support for their wellbeing and mental health. A third (33%) say that their organisation has adequate policies in place, 30% say there are resources available and 28% say there are people available to help.

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Simon Winfield, Managing Director of Hays UK and Ireland, commented on the findings, “Professionals have faced a huge degree of change which has taken its toll, particularly on millennials. Typically, this group are interested in exploring new career paths and progressing into more senior roles which may now feel out of reach due to the uncertainty caused by the pandemic.

“It’s certainly encouraging that employers have stepped up their wellbeing support, but our findings suggest that far more needs to be done. What’s key is ensuring that the support and perks on offer are tailored to the different demographics. What a professional over fifty needs to manage their wellbeing is likely to be different to someone in their thirties. One size doesn’t fit all when it comes to providing wellbeing support. We’ve got to address this now – employers have a responsibility to make sure wellbeing doesn’t plummet further over the winter months.”

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Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £105 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of Contractor Umbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.
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