More than 90 per cent of employers are planning to increase support for employees in light of the ongoing cost-of-living crisis, or are planning to do so in the near future according to research from Towergate Health & Protection.
The research sheds light on various measures taken by employers to alleviate financial pressures on their workforce.
Almost half of the employers surveyed (48 per cent) have either raised salaries or are actively considering doing so, making it the most common measure taken to support staff during the financial challenges. This is the most popular measure being taken.
In addition to this 43 per cent of employers are providing access to financial guidance tools, including budgeting and debt management resources, recognising the broader impact of financial challenges on employees’ overall health and wellbeing.
Around 39 per cent of employers intend to increase support by offering or enhancing private medical insurance. PMI is seen as a valuable benefit not only for the swift treatment and return to work but also as a positive signal of a company’s commitment to employee wellbeing.
Meanwhile, the research found 37 per cent of employers are increasing rewards and discount schemes, spanning everyday shopping and gym memberships. These initiatives, often attached to other employee benefits, provide tangible support without additional costs.
A total of 35 per cent of employers are considering or have introduced benefits that cover employees’ salaries in the case of long-term absence and the same number (35 per cent) plan to enhance support through cash plans, offering payouts for routine dental, optical, and physiotherapy treatments, thereby reducing everyday healthcare costs for employees.
Voluntary benefits are being explored by 32 per cent of employers, while dental benefits are considered by 30 per cent.
Debra Clark, head of wellbeing at Towergate Health & Protection says that providing financial guidance is a highly effective way for employers to assist their workforce during challenging times.
The survey underscores the broader impact of financial health on physical and mental well-being, highlighting the need for comprehensive support.
“When employees have challenges because of the cost-of-living crisis, all areas of their health and wellbeing can be affected, not just financial, but physical, mental and social health too, so all support offered will benefit wider health and wellbeing,” she says.
The findings come as a positive indication of employers’ commitment to navigating the cost-of-living crisis collectively with their workforce.
