A large majority (84 percent) of workers think employers should support them with the cost of living crisis. But only half of employees believe their employer cares about the impact the crisis is having on them.
This is according to a snapshot survey with 564 working people from Health Shield Friendly Society.
It suggested that employers could be underestimating the impact and strain employees are currently under and how unsupported they feel.
People on lower salaries seem to feel the least supported. For example, 77 percent of employees who earn less than £25,000 a year said their employer supports their health and wellbeing, compared to 93 percent of employees who earn more than £40,000 a year.
Just 10 percent of male workers said their company does not support them with their health and wellbeing compared to 18 percent of female workers who said the same.
Only 40 percent of employees said they would tell their employer if they were struggling financially. Women were less likely to share their concerns with just 34 percent saying they would, compared to 46 percent of male employees.
The survey also revealed that employees felt that they would need on average an extra £274 a month to make a meaningful difference and relieve the stress of rising costs.
To illustrate the depth of this issue, Health Shield said that if this increase in pay was rolled out across the UK it would cost employers more than £104 billion.
Employees continue to feel the pinch despite falling inflation, which has dropped from its high of 9.6 percent in October 2022 to 3.8 percent in February 2024 (measured with the consumer prices index including housing costs – CPIH). Survey researchers said that the impact of recent high levels is “likely to be felt by employees for months or even years to come”.
A vast majority (91 percent) of employees told the survey they are more likely to stay with an employer that offers health and wellbeing benefits, while seven in 10 said the health and wellbeing support that a prospective employer offers is important.
Paul Shires, commercial director at Health Shield Friendly Society, commented: “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 among 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 or understand what they are going through with 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 ailments turning into serious issues.
“Employers who are yet to offer access to healthcare benefits, such as health cash plans, should consider incorporating these benefits into their workplace to support their valued employees.”
