New research has found that 68% of small and medium-sized enterprises (SMEs) have received requests from staff for financial support.
The study, carried out among 500 HR decision-makers and 2,000 UK employees by Blackhawk Network Extras, also revealed a big discrepancy between the benefits individuals want and what is being offered by employers.
While gym memberships, bikes and childcare were listed by businesses as the top three perks their staff can currently save money on, more than three-quarters (76%) of workers would like to make savings on what they already buy. In fact, half (51%) of respondents cited financial help with groceries as their number one desirable benefit, followed by car travel to work and technology.
Of the employers surveyed, just 37% plan to review their benefits at least quarterly. Additionally, while a quarter (24%) have thought about expanding their offering because of rising inflation, a further quarter (25%) do not intend to change or expand it this year.
Chris Ronald, VP EMEA B2B incentives, rewards and benefits at Blackhawk Network, said: “We are currently experiencing one of the most difficult economic periods in decades. And while many businesses would love to offer their employers cash, or a salary increase to match inflation, to help see them through, it’s just not always possible.
“What they can do, however, is re-evaluate their benefits packages to truly help employees’ salaries stretch further – a key part of which must be listening to what it is their employees want and providing choice.”
The research further showed that more than half (53%) of individuals surveyed believe their organisation could do more to help them through the cost-of-living crisis, and 40% are already looking for better-paying positions.
However, 86% of businesses understand the important role of employee benefits in supporting their people through the cost-of-living crisis, and two-thirds (67%) without cost-savings perks are interested in providing them.
Ronald added: “With a new tax year about to begin, now is the time to find out what your employees genuinely want and offer flexible options so that employees can choose what makes the most impact to them.”
