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Financial and non-financial support is being offered to struggling employees, says recruitment firm Robert Half.
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Nine in 10 bosses help staff battle cost of living
24 February 2023
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Employers have recognised that many of their employees struggle with the cost of living and almost nine in 10 have provided financial and non-financial support, according to recruitment firm Robert Half.
Robert Half director Andrew Brushfield said employers realised inflation was hurting and supporting their staff could improve retention.
“With changing economic conditions, savvy employers are stepping up to address the rising cost of living to ensure employees are being supported,” said Mr Brushfield.
“They know that not taking any measures is risky and can lead to the loss of great talent, particularly when they observe the ways in which other employers are supporting their staff.”
Financial support ranged from giving staff a permanent pay rise, at 53 per cent of businesses surveyed, one-off bonuses at 49 per cent, and allowing workers to sell their annual leave days at 44 per cent.
One popular non-financial measure was providing financial management training for employees, with 43 per cent offering it.
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Other non-financial measures included extending remote working options to reduce travel costs for staff, 57 per cent, providing mental wellbeing support, 55 per cent, and subsidising employees’ meals at work, 44 per cent.
Mr Brushfield said not all employers would be able to provide financial bonuses but they should take some measures to support employees.
“With inflation increasing and with many companies unable to offer salary increases to keep pace, some are reverting to their benefits offerings to attract and retain staff,” said Mr Brushfield. “Support doesn’t just have to be financial, and providing counselling or mental health assistance and allowing staff to work from home can make an employee feel they are supported.”
“While not all businesses have the budget to be able to implement many of the changes, they can still focus on implementing measures that do not require high upfront costs.”
Robert Half said the 11 per cent of employers failing to help employees with rising costs ran the risk of losing talent.
Mr Brushfield said employers needed to understand each staff situation was unique and work out how to best assist them through challenging times.
“Employers should have ongoing, open conversations with their employees on what motivates them, which can allow for new ideas as to what employees need,” he said.
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