More than nine out of 10 employers have increased, or plan to increase, the support offered to employees as a direct result of the cost-of-living crisis.
This research, by Towergate Health & Protection, found almost one in two employers had either raised salaries or were looking to do so. This was the most common measure taken to help staff during the current economic difficulties.
But the survey found there were also a number of other initiatives being taken, including providing access to budgeting and debt management tools, offering private medical insurance and the introduction of rewards and discount schemes. All of these are being taken or considered by more than a third of employers surveyed.
Towergate Health & Protection head of wellbeing Debra Clark says: “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.”
The Towergate research highlighted which following ways in which employers are looking to support staff:
- Increased salary 48%
- Access to financial guidance, such as budgeting and debt management 43%
- Private medical insurance 39%
- Rewards and discounts, such as for everyday shopping, or gym 37%
- Benefits that cover their salary if they’re absent long-term 35%
- Cash plans to help them with everyday costs of healthcare 35%
- Voluntary benefits 32%
- Dental benefits 30%
Towergate says providing access to financial guidance such as budgeting and debt management can be an extremely effective way for employers to assist their workforce through difficult times. Poor financial health can have a direct impact on physical and mental health, such as increased stress, anxiety and poor sleep, so support here means that mental and physical health are supported too.
It says rewards and discounts on things like shopping and gym membership are being increased by 37 per cent of employers – and these can make a significant difference to any employees on a budget. These also often come at no additional cost, attached to other types of employee benefits – like group critical illness, income protection and life assurance – so are an easy way for employers to provide support, with employers buying them standalone or via employee benefit platforms.
The research shows that 39 per cent of employees are intending to increase support with private medical insurance (PMI). Supporting the health and wellbeing of employees with PMI generally means that employees are treated more quickly and return to work sooner, minimising absence. It is also a highly valued benefit and sends a very positive message about the company caring for employee wellbeing.
The survey also shows that over a third (35 per cent) of employers intend to increase support by offering cash plans, which pay out for routine dental, optical and physiotherapy treatments and can mean a considerable saving on everyday healthcare costs for employees.
Clark adds: “It’s great to see so many employers looking to help their staff through the cost-of-living crisis. Taking a diverse approach will help to ensure that supporting the financial issues employees are facing will also have a positive impact on their mental, social and physical wellbeing.”
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