Almost 80 per cent of employees feel that their employer should provide support to help with rising living costs, according to Canada Life.
According to the survey by Canada Life, increased salaries, as noted by 54 per cent of employees, and financial contributions to bills, as cited by 23 per cent of employees, are the top ways that workers are looking for assistance from their companies to cope with rising costs. Other alternatives they proposed included adding a travel allowance, reducing the number of compulsory workdays, and giving one-time support payments.
More than a quarter, or 27 per cent, say that their company made a promise to help with increased living expenses but did not follow through. Additionally, 47 per cent say that their boss is unaware of the effect that growing living expenses are having on the team, while 48 per cent claim that the cost of living crisis is negatively affecting their mental health.
Canada Life protection sales director Dan Crook says: “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 linked3. Through workplace support services employees can access expert guidance on financial issues, including reducing outgoings, budgeting advice, as well as debt management support.”