Employee Benefits poll: Half of employers have not implemented extra financial support for their staff to combat the cost-of-living crisis, and do not plan on doing so.
A total of 12% of respondents to an online survey conducted by Employee Benefits Magazine said they have introduced some additional financial help for their employees, while a further 38% said they were considering doing so.
Research by the Chartered Institute of Personnel and Development (CIPD) last month found that staff felt their organisations could go further to support their financial wellbeing; 27% reported that their pay was not enough to cope with a £300 emergency without having to use their savings.
Nearly one in five employees (19%) felt their employer was not doing enough to support their financial wellbeing, and 12% said their pay was not enough to support an acceptable standard of living without having to go into debt to pay for food or bills.
Charles Cotton, senior reward and performance adviser at the CIPD, said: “Our research highlights that employers with a financial wellbeing policy really do make a much-valued difference to the lives of their people. Unfortunately, the cost-of-living crisis is likely to push more and more employees into in-work poverty. This, along with the competition for talent right now, should motivate all organisations to adopt a financial wellbeing policy or improve their existing one.”
The London Early Years Foundation (LEYF) awarded its 800-plus employees a pay rise and a bonus last month in response to the increasing cost of living.
June O’Sullivan, chief executive of LEYF, said: “Investing in our staff is central to LEYF ethos and will continue to be our priority in the coming years. We are also fully aware that cost of living is increasing, adversely affecting many working in the sector, which is why we are proud to offer this new reward package.”