Marking the twentieth anniversary of ‘Blue Monday’, we discover a few of the challenges fintechs are going through at first of 2025 and in flip, how moods could be lifted and the way attitudes in the direction of the ‘worst day of the yr’ could be modified.
Twenty years in the past, the time period ‘Blue Monday’ was created after it was supposedly calculated by Sky Journey that the third week of January was probably the most miserable day of the yr. Whereas there have been a number of well timed issues going down in 2005 that impacted the outcomes, just like the climate and the state of the economic system, some elements haven’t modified 20 years later, just like the gloomy actuality of returning to work after the vacation season. For these going into the workplace, it’s arguably worse as they go to work at the hours of darkness and are available residence at the hours of darkness too.
However from a fintech standpoint, how does Blue Monday influence the ecosystem?
Enterprise spending
In response to Allstar, the EV and gasoline expense fee firm, making certain points like late funds are handled in good time is an absolute should to keep away from productiveness lulls throughout late January. Allstar revealed analysis with a polling agency, Censuswide surveying 500 UK SME enterprise house owners and decision-makers, and located that over half (54 per cent) cite money move as a problem and as much as 70 per cent say that the burden of money move and admin has considerably hampered enterprise progress.
Blue Monday has very actual implications throughout the board with the post-holiday season leaving many with squeezed pay packets and budgets. On condition that 80 per cent of staff mentioned that they’re extra productive when they’re wholesome and blissful, Blue Monday might even end in lowered productiveness, impacting and including much more pressure on companies which can already be feeling the pinch on the subject of money move as late funds are costing them £22,000 a yr on common.
Paul Holland, managing director for UK/ANZ Fleet at Corpay, together with UK model, Allstar mentioned: “It’s a tricky local weather for the UK’s SMEs; our insights present that one of many greatest points which might be impacting money move are late funds, one thing that kills 50,000 companies within the UK yearly. And whereas Blue Monday may not be grounded in science there’s a lot to be mentioned for the change in behaviours and attitudes round this time of yr.”
“Enterprise house owners and proprietors can take a proactive strategy to mitigating these points, with the purpose of simplifying their operations and enhancing efficiencies, making these arduous duties much less work. An all-in-one answer achieves this by enabling extra simplicity and simpler administration.”
Office appreciation
Along with simplifying duties to enhance efficiencies, employers even have a duty to make sure staff really feel valued. For lots of people, December generally is a very pricey month, and the influence of this spending is commonly felt in January. With many staff really feel like they’re desperately counting down the times till payday, employers have a duty to make sure they’re taking good care of staff by way of robust instances.
A method is thru worker appreciation. For companies and employers, appreciation helps decrease worker turnover, absenteeism and stress – key elements that may drain sources and subsequently decrease earnings.
In response to analysis from Reward Gateway, an organization offering worker engagement instruments and merchandise, 75 per cent of staff actively explored new alternatives in January, with exercise on Glassdoor firm profiles rising by a mean of 55 per cent throughout this era. This showcases the degrees of discontent presently.
This report highlights that appreciation isn’t just an efficient technique for fostering worker happiness, but additionally a wise funding that results in elevated productiveness, thereby enhancing general enterprise outcomes.
The findings of the report reveal the influence of appreciation as a strong driver of office success, with outcomes of feeling appreciated together with:
working tougher (88 per cent)being extra engaged (91 per cent)feeling extra loyal to their employer (88 per cent)taking up additional work (73 per cent)A supportive tradition
Going past office appreciation, Gregor Mowat, co-CEO and co-founder, Loqbox, the credit score builder explores the theme of fostering a supportive tradition. Not solely do employers want to point out appreciation for his or her staff’ work, however in addition they want to point out a human component and present care for his or her monetary wellbeing, which may generally be misplaced within the employer-employee relationship.
Mowat says: “Monetary wellbeing shouldn’t really feel like a taboo subject. Companies should create a office tradition the place conversations about cash are normalised and options are accessible. Whether or not that’s offering one-on-one teaching, peer networks, or reinforcing worker help programmes (EAPs), the bottom line is ensuring your crew is aware of assistance is only a name or click on away.
“Blue Monday doesn’t should dwell as much as its title. As a substitute, it may function a second to encourage constructive change – providing your staff the assist they should really feel safer and motivated. By prioritising monetary wellbeing, you’re not simply serving to people – you’re constructing a stronger, happier workforce for the yr forward.”
Francis Bignell
