New survey shows employers are worried about how it’s affecting employees’ mental health and financial wellbeing.
Nine out of ten employers are concerned about how the cost-of-living crisis is impacting their employees, according to a new survey conducted by group risk protection industry body GRiD.
The social wellbeing of staff is believed to be a concern for 56% of employers and physical wellbeing for 35% of employers.
Katharine Moxham, spokesperson for GRiD, said:“If we think back to the financial crisis of 2008, mental health was barely on the radar of employers: home and work life were entirely separate entities and few employers would have provided any support, nor would employees have expected it. Roll on a decade or so and it is really positive to see employers recognising the impact that the rising cost of living is having on their staff.
“The figures paint a very striking picture of how the cost of living adds to the mental load of employees. By demonstrating their genuine concern and providing practical help, employers have a real opportunity to engage with their staff, many of whom may not have fully understood or utilised their employee benefits before.”
Ninety-three percent of respondents believe employers are looking to increase benefits or offer additional support to help employees during the cost-of-living crisis, but the research also highlights the possibility of employers’ lack of awareness about the relevant support available.
Katharine Moxham continued: “It’s an honourable intention to consider increasing benefits or funding additional support to help employees at this time but employers will also find additional help and support that they don’t need to pay an extra penny for, if they utilise all the support available in their existing employee benefits, and particularly within group risk benefits. After all, employers are not immune from the current economic climate either with costs skyrocketing in many areas: group risk benefits may be one cost centre that doesn’t need to be increased.”