Blue Monday: Burden or business opportunity?

The festive period has come to a close, the bills are piling up, and any well-intended New Year’s resolutions have been long forgotten, which means one thing: Blue Monday (AKA, the most depressing day of the year) is right around the corner.

Now, as we’re back in the swing of corporate life, whiling away the hours spent at our desks dreaming of a summer vacation in the sun, it’s safe to say that employee morale is at an all-time low.

So much so, 57% of UK employees are not engaged at work, according to Gallup, and 80% of US workers would grade their job as a ‘B-’ for overall satisfaction, according to HR Drive.

Although businesses can’t necessarily completely stop employees from feeling the effects, experts say there are certainly ways it can be reduced.

“As employees reluctantly make their way back to the work routine after the festive season, that comforting flat white in the office just doesn't quite cut it to lift the bleak mood,” says Nebel Crowhurst, Chief People Officer at Reward Gateway.

“Given high levels of stress in workplaces, including a staggering 54% of Gen Z experiencing stress according to recent Reward Gateway data, Blue Monday may only increase the sense of unease.”“Given high levels of stress in workplaces, including a staggering 54% of Gen Z experiencing stress according to recent Reward Gateway data, Blue Monday may only increase the sense of unease.”

But for Crowhurst, Blue Monday isn’t just another tough day – it’s actually a prompt for employers to truly connect with their employees, which is especially vital amid the cost-of-living crisis.

It also provides HR leaders with the chance to improve wellbeing benefits – beyond token gestures – to show that it’s not just a buzzword, but a daily reality for every employee.

A warning sign for burnout

Burnout: another buzzword of 2023.

But whether it’s a buzzword or not, 87% of employees across the globe have experienced burnout in the past year – according to new research from Ceridian.

Ceridian’s managing director for EMEA, Wendy Muirhead, therefore, sees Blue Monday as the opportunity for employers to take the time and ensure they are doing what they can to look after staff – particularly by preventing burnout and boosting internal engagement.

One of the best ways to enforce this, as usual, is from the top down.

“Leaders need to be aware of the symptoms of burnout and how to help mitigate it within their workforce,” Muirhead says. “This means listening and understanding the causes, and then making practical changes that suit their teams. This could mean revising roles and responsibilities, reviewing compensation and benefits, or reworking flexibility policies.“Leaders need to be aware of the symptoms of burnout and how to help mitigate it within their workforce,” Muirhead says. “This means listening and understanding the causes, and then making practical changes that suit their teams. This could mean revising roles and responsibilities, reviewing compensation and benefits, or reworking flexibility policies.

Another symptom of the January blues is tightened purse strings – particularly as many employers administer their December pay cheques early. But, this can often be a blessing in disguise, providing short-term financial gain, followed by what feels like weeks on weeks of counting the pennies.

A solution, Muirhead suggests, is for employers to support staff to enable employees to access their earned pay throughout the month. “This can be done through on-demand pay schemes,” she says.

“These schemes give employees access to their wages as they’re earned, without waiting for payday, to account for unexcepted bills, reducing financial stress and enhancing wellbeing.

"This is especially effective during the long month between the December and January paydays, and it reduces potential dependency on high-interest credit.”

Crowhurst agrees with this concept, stating that ‘little luxuries’ won’t provide a long-term fix for employees’ concerns. She says: “Another great response could help them consistently feel truly supported for the long year ahead.

“For instance, during the cost-of-living crisis, benefits like interest-free loans on white goods could dampen some immediate financial worries, or why not show your support for big life decisions this year, through pet-adoption benefits, fertility support with family planning, or valuable mortgage advice?”

So, although January may be a testing month for many of us, employers have the chance to make a difference by demonstrating they value their people through a little extra support and engagement.