The rising cost of living is affecting us all (and our bank balances), and it’s also having a marked impact on the employment market; driving more people to look for a new job.
With more candidates looking to change jobs, employers are having to do more in order to attract the best candidates and retain current staff.
Job hunting isn’t simply about salary and take home pay. Employers are looking for new and innovative ways to improve quality of life for their staff; from offering home and hybrid working options to free food and coffee, healthcare and gym membership. The list of ‘extra benefits’ on job adverts is escalating as organisations compete to attract and retain the best people.
Supplying employee benefits packages is a growing sector in itself. Perkbox – a global benefits and rewards platform – claims this helps to keep each employee happy, healthy and motivated, and that employee experience and wellbeing is now more critical than ever.
Promoting mental and physical wellbeing at work have long been recognised as the foundations for a successful business as happy workers are more productive and less likely to leave their jobs or take time off sick.
However, in today’s cost of living crisis, organisations are also looking for ways to support the financial wellbeing of staff. With more people worrying about money (and bringing those worries to work with them) it makes perfect sense to extend wellbeing strategies to help staff cope with today’s tough economic climate. The CIPD even suggest that all employers should consider implementing a financial wellbeing policy to let staff know where they can seek help if needed.
Home working options certainly reduce petrol and travel costs, but may in turn increase utility bills or create the need for a better home broadband connection. Some employers are even offering to contribute towards these costs.
Many organisations are waking up to the fact that financial wellbeing amongst staff makes good business sense. Providing employees with access to free or discounted professional financial advice helps people keep control of their household budgets as the cost of living spirals. It’s all about equipping staff with the tools to deal with concerns around debt, savings or expenses; daily worries we’re all experiencing that could affect performance at work.