Two in three employers in London are providing additional employee benefits to help staff manage the cost-of-living crisis, a new survey has revealed.
Business campaign group BusinessLDN found that 65% of companies in the capital are now offering support such as flexible working options and discount vouchers.
The survey of 1,000-plus workers discovered that the most common perk offered is flexible working, with this available to a third (34%) of employees. Mental health support and supermarket vouchers followed, provided by 18% and 17% respectively. A total of 15% offer free or subsidised food while 14% supply travel vouchers.
John Dickie, chief executive at BusinessLDN, said: “Helping staff through the cost-of-living crisis is weighing on the minds of London’s business leaders. Firms are sourcing creative ways to support their staff beyond pay, such as providing vouchers to help with rocketing utility, travel and supermarket bills.”
When looking at the perks most valued by employees, supermarket vouchers topped the list for 50% of respondents. Utility and travel vouchers were cited by 37% and 36% respectively, while flexible working came in fourth, with 34% identifying it as a priority.
The research also found that nearly a third of respondents value private healthcare and one in five think mental health support is important during the cost-of-living crisis.
Of the respondents who can choose where they work, two in three (66%) said they are more likely to work from home to save money during the cost-of-living crisis, compared to 28% who are no more likely to do so. Around 6% were unsure. Nearly three in four (73%) of those aged 18 to 24 would opt to work from home, while only 40% of those 55 and over would do the same.
Dickie continued: “It is not surprising that two-thirds of Londoners, who have the choice, intend to work from home more to save money. While potentially good for individuals’ budgets, fewer people travelling into the city will hit hard-pressed hospitality and retail sectors and some businesses will be concerned about a potential fall in productivity. The government needs to ease these pressures by reforming transport fares, tackling childcare costs and maintaining energy support.”