Top 10 stories from this week: Firms pressured to put their money where their mouth is
As the phrase ‘cost of living’ becomes a household saying, people are increasingly looking to their employer to help find solutions to mounting financial worries. According to new research from Culture Amp, 60% of the UK’s workforce believes that employers should be providing support, and other reports suggest that employees are using the crisis to leverage better pay, or a new position. Additionally, separate research from WTW’s Financial Wellbeing study has found a third of UK workers are now living month to month.
That being said, reward professionals needn’t fear employees banging on their door (too much). Pay rises in the current climate are a sore subject, but if an organisation is in a position to raise pay, that is the prescribed route. However, those organisations that are strapped for cash should be thinking about reviewing their total reward packages, alongside introducing financial education and wellbeing.
The adage, give a man a fish vs. feeding him a fish applies nicely here. Give employees a rise if you can but compliment that extra cash injection with financial education to help workers budget, plan and save.
For more reward and employee benefits news you might have missed this week, read our top 10 snippets below.
60% of UK workforce believe employers should help with cost of living crisis
HR News Six out of ten employees – and almost two-thirds of women – in the UK believe that their employers should help with the rising cost of living. Read more
Employees using cost of living to leverage better salary
HR Magazine Workers across the UK are using the cost of living crisis to negotiate better pay from their employers. Read more
Three in five workers looking for new job, research finds
People Management Poll reveals cost of living crisis is pushing employees to seek roles with higher wages rather than waiting for pay reviews. Read more
Employee burnout at record levels, research suggests
People Management Analysis of staff reviews finds many workers are ‘disillusioned’, with only three in five making use of their full holiday entitlement. Read more
A third of UK workers are living payday to payday
HR News A third of UK workers (36%) are living month-to-month without any spare cash for emergencies or shocks, with a quarter (26%) struggling financially. Read more
73% have never spoken to their employer about financial wellbeing
Employee Benefits Almost three-quarters (73%) of employees have never spoken to their employer or line manager about their financial wellbeing. Read more
Government childcare plans aim to reduce cost of return to work
Personnel Today The government has announced plans to review how childcare settings work in a bid to support more parents back to work. Read more
Three-quarters of UK employers say four-day week will be the norm by 2030, survey reveals
People Management Most businesses surveyed agreed a short week would have overall benefits for organisations, their employees and the economy. Read more
Employers say schemes need increased member engagement
Corporate Adviser Almost 34 per cent of companies, or one in three, agree that their defined contribution (DC) pension scheme needs to increase member engagement and communication across a variety of feature. Read more
Leaders of colour undermined by positive discrimination
HR Magazine Black and Asian workers in senior leadership positions feel their work is being undermined when hired under the guise of diversity. Read more