Sponsored by Blackhawk Network
“Our employee benefits insight shows that almost two-thirds of employees say they would be likely to leave their job for more lucrative opportunities as a direct consequence of the cost-of-living crisis. A sobering statistic for business leaders across all sizes of company, a tangible cost and a recognised business risk. Employers need to offer the right range of financial wellbeing benefits to staff to support retention and recruitment of talent.”
The cost-of-living crisis is now in full swing and very real, the UK is slipping into recession and potentially experiencing the worst financial depression in 30 years, with the cost of fuel, groceries, taxes and everyday spend overtaking wage increases.
Before looking at the cost of recruitment, it’s vital to first consider staff retention. A whopping 63% of employees said that they would hand in their notice in order to accept a role that provides better financial support. So, employers must provide benefits which have a tangible impact on the quality of life for their staff, whether to retain or attract new talent.
The place of voluntary employee benefits is no longer just as an added perk; they are an easy and cost-effective way for an organisation to support their staff with financial wellbeing benefits, which lead to improved loyalty. Our employee cost-of-living research showed that 83% of employees agree that workplace benefits will play an essential role in improving their cost of living, and 95% of employers agree.
Engagement and participation are key. Listen to what your staff want from their workplace benefits, and clearly communication of the benefits suite available is paramount.
