Our lovely partners at great{with}talent have recently conducted some research on the UK's cost of living crisis, surveying employees at a number of organisations to really understand the impact of the cost-of-living crisis and identify the actions that would make a real difference (rather than well intended guessing).
We found this summary of their work really thought-provoking:
It is clear that the current cost of living situation is a source of concern or deep worry for the majority of people who responded to a financial wellbeing questionnaire. Their concerns are split across a number of areas. However, people were asked to identify the issue that concerns them most - “not being able to support my family” is the most commonly selected area with 39% stating this is their main concern.
30% of people report that financial worries make them feel distracted at work or have had time off a result.
People were asked to share their thoughts on the actions they may take to better cope with the increased cost of living. Eight areas were rated with the most commonly selected being to reduce heating at home (78%). Around half are considering taking on additional work outside of their current job. Sadly, 32% are considering skipping meals.
Within the questionnaires every individual was given the option to let their employer know that they were in need of immediate support – on average 8% of people requested this. A further 15% would like to participate in focus/support groups on this topic.
Having identified that the cost-of-living situation is a clear concern it is important to develop an accurate picture of what people would like their employer to do (within the practical and financial parameters that exist). The options in each study were different, however where common themes existed, each individual was asked to identify the one action that would have the most positive impact on them. When these organisations provide support they can be confident that the actions taken are what people need and should have a positive impact (rather than assuming they have the right solution). Flexible working appears to be the most common request as it allows people to travel off peak (18%) and reduce childcare costs - being able to call on family or friends (14%). Basic breakfast provision (16%) and offering paid overtime (15%) are also popular “most impact” choices.
If you are interested in talking more about the impact of the current situation on your people, you can get in touch with ron.eldridge@greatwithtalent.com.