Research from Canada Life has revealed that 80% of employees feel their employer should provide support to help with rising living costs.
The top ways employers are looking for support from their employers to help with rising costs are increase in salary (54%) and contribution to bills (23%).
Others include:
- Introduce a travel allowance – 23%
- Reduce mandatory office days – 18%
- Provide one-off support payments – 14%
However, 27% say their employer has promised to support employees with rising living costs but has failed to deliver. Additionally, 47% say their employer doesn’t realise the impact of rising living costs on the team, while a similar amount (48%) say the cost of living crisis is having an impact on their mental health.
Dan Crook, protection sales director, Canada Life, said: “It’s clear the cost of living crisis is taking its toll on the UK workforce and employees are turning towards their employers for support and guidance. As such, employers will benefit from being flexible and listening to the needs of their staff when thinking about the role they can provide in the context of the workplace.
“Through uncertain times the benefits of workplace protection cannot be underestimated, and we urge employers to highlight the additional benefits and demonstrate the value it has for their employees. We know that financial distress and mental health are intrinsically linked.
“Through workplace support services employees can access expert guidance on financial issues, including reducing outgoings, budgeting advice, as well as debt management support.”