Six in 10 workers think their employers should step in to help with the cost of living crisis, according to data from Culture Amp.
Women are feeling the pinch more than men, its survey found, with 84% of female respondents worried about their finances compared with 57% of men.
Younger employees are also experiencing concerns – around four fifths of 25 to 34-year-olds were struggling to make ends meet compared to two-thirds of over-55s.
The survey follows news earlier this week that a third of employees are living “payday to payday”, according to research from Willis Towers Watson.
A number of employers have responded to soaring inflation with one-off cost of living payments, such as Lloyds Banking Group and law firm Irwin Mitchell. Others, such as big four consulting firm PwC, have offered inflation-busting pay increases.
In the 12 months to May, inflation measured by the consumer prices index (CPI) rate hit 9.1%, its highest in 40 years.
Cost of living support
Third of employees living ‘payday to payday’
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Culture Amp also found that half of respondents were worried about whether broader geopolitical uncertainty might affect their employment prospects.
Of those who were looking to change jobs, 44% of women and 17% of men cited a stressful working environment as a driver behind the move.
Women were more likely to put a brave face on the situation if they were unhappy at work, with 45% saying they had done this in the past month, compared with only 18% of men. A third of women said they had cried because of work in the last month.
Jessica Brannigan, lead people scientist at Culture Amp, said the combination of rising living costs, geopolitical uncertainties and stress was creating “another layer of trauma” for HR to deal with.
“The level of discipline/focus demanded by remote working, and some employers’ wish to modify or even abolish it, only worsens matters,” she said.
“Many early warning signs of employees’ discontent or stress from this situation may be going unnoticed because team members are hiding their true anxieties and ploughing on, without seeking deeper support from managers or colleagues.
“Organisations that put their people first thrive, because ultimately they’re the key to customers having exceptional service and experiences.
“Employees becoming more financially stressed and generally burnt out will have decreasing emotional energy levels to ensure their organisation delivers exceptional service or innovative products. This also means company culture will be undermined, detrimentally impacting everyone.”
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A separate survey from employee benefits provider Blackhawk Network also found that employees seek greater support from their places of work on living costs. It found that 83% of employees think employee benefits have a role in supporting them with the cost of living, and 24% have already used their benefits package as part of their approach to dealing with rising costs.
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