Recent research on 1,006 UK based workers - by HR software provider CIPHR - has emphasised the effect that the cost-of-living crisis is having on worker’s home and work life. Many are having to change jobs, work extra hours and report for work when sick.
Of the workers polled, 31 per cent stated that they were working more hours and 12 per cent have taken on an additional job; 26 per cent of men and 18 per cent of women have requested a pay rise and a further 16 per cent of men and 10 per cent of women have asked for an expansion of their benefits package.
Respondents to the poll who have found alternative employment with higher wages numbered 12 per cent with 27 per cent considering doing the same - giving cost-of-living as the reason.
Legal personnel - 38 per cent - are one of the professions most likely to change jobs for more money, followed by those working in finance and IT, both at 32 per cent.
Corresponding with recent findings from the Office for National Statistics’ latest opinions and lifestyle survey - where 77 per cent of people felt very, or somewhat, worried about the rising cost-of-living - CIPHR’s research shows that 68 per cent admit to feeling stressed at times because of it. Women are more likely than men to say they feel this way - 74 per cent compared to 61 per cent.
Age group 18 to 34 years old reported more feelings of stress and of being overwhelmed by the cost-of-living rise at 76 per cent compared to 57 per cent of those over 45 years of age.
Of those making changes to their expenditure, 70 per cent of workers with children and 64 per cent of workers with no children have made changes because of rising living costs, including 21 per cent asking for remote working to save commuting costs and 18 per cent asking employers for help and advice or wellbeing support.
Of those workers earning under £30,000, 56 per cent say that they have attended work despite being unwell, because they did not want to take off time and lose money - compared to 37 per cent earning over £45,000. Those without contractual sick pay must be off sick for three days before becoming eligible for payment to be made.
Claire Williams - Chief People Officer at CIPHR - commented:
“Lower earners and part-time earners – who are often predominantly female – are particularly at a disadvantage under the current SSP system. Compounded by the pressures of rising living costs, it’s inadvertently created a situation where more and more employees are forced to work when they may not be well enough to do so, due to the financial impact of taking time off.
Money and financial struggles can be a huge stressor, and can, in turn, have an impact on an individual’s mental health and their ability to perform in their roles.
While there are many things outside of an employer’s control, organisations have a responsibility to support employees’ mental wellbeing in the same way they would when looking after their physical health and safety. There are several ways that this can be achieved. Firstly, check whether any of your existing employee benefits have financial wellbeing support included, as this is usually an area of support offered by employee assistance programmes (EAPs).
Also consider introducing other benefits that can help your employees right now, such as access to discounted shopping sites, health cashback plans, or loan schemes covering travel or new technology purchases.
It’s also important to focus on raising awareness about how much financial wellbeing matters to the wider employee experience. Cost of living increases are impacting everyone – but not everyone equally. Running financial education sessions and sharing useful financial information and resources can help mitigate some of the effects. Managers also need to be mindful that everyone’s situation is different, and managers themselves may need extra training so that they can effectively support their teams on a day-to-day basis.
These are incredibly challenging times, and employers can’t ignore the financial pressures affecting many in their workforce.”
