One in two workers say they do not feel supported by their employer when it comes to the cost-of-living crisis.
A survey by cash plan provider Health Shield found that almost nine out of 10 (84 per cent) workers believe employers should support them with the increased cost of living in some way. However only half (50 per cent) felt their employers were delivering this support, with survey finding just one in two workers reporting that their employers cared about the impact rising living costs have had on them.
Only 40 per cent of employees would tell their employer if they were struggling financially — with women less likely to do so. The survey found just 34 per cent of the female workers survey would discuss these issues with an employer, compared to 46 per cent of male employees.
The survey found that the average employee said they would need an extra £274 a month to make a meaningful difference and relieve the stress of rising costs.
Health Shield calculates that if this was to be replicated on a national scale, it would cost employers over £104bn, illustrating the depth of the problem. It adds that while inflation may be on its way down, the impact of recent high levels is likely to be felt by employees for months or even years to come.
The research found that while employees are struggling with the cost of living, health and wellbeing benefits can help them feel more supported in the workplace.
The survey found that nine out of 10 workers (91 per cent) said they are more likely to stay with an employer that offers health and wellbeing benefits, whilst seven in 10 (70 per cent) said the health and wellbeing support that a prospective employer offers is important.
While the majority of employees feel their employer does support their health and wellbeing, there are again differences when it comes to gender and earnings.
The survey found those on lower salaries felt the least supported. Over seven in 10 (77 per cent) of employees who earn under £25,000 a year said their employer supports them in this way, compared to 93 per cent of employees who earn over £40,000 a year.
Meanwhile, just 10 per cent of male workers said their company does not support them with their health and wellbeing, this is compared to 18 per cent of female workers who said the same.
Health Shield Friendly Society commercial director Paul Shires says: “What we can see is that despite the rate of inflation falling employees are still feeling the everyday pressure of the cost of living crisis.
“This day-to-day worry is clearly having an impact. There are some positive signs but there are also concerns, especially amongst lower paid workers who clearly feel the least supported and probably have the most financial worries.
“Too many employees feel their employer does not care about what they are going through or understand the impact of these financial pressures.
Employers should be helping their workforce be as mentally and physically healthy as possible. The results and impact speak for themselves, with so many employees saying how important a strong workplace health and wellbeing plan is to them and indeed how it keeps them working where they are.
“In 2024 these things cannot be overlooked, employees don’t just want pay rises, they want healthcare plans that will look after them and their families in the long term and prevent minor aliments turning into serious issues.”
