"It’s great to see so many employers looking to help their staff through the cost-of-living crisis. "
- Debra Clark, Head of Wellbeing at Towergate Health & Protection
Of those surveyed (500), 48% of employers have either increased or intend to increase salaries for employees affected by the Cost-of-Living Crisis. This was followed by access to financial guidance, such as budgeting & debt management (43%), Private Medical Insurance (39%), rewards & discounts (37%), salary replacement if they’re absent long-term (35%), cash plans (35%), voluntary benefits (32%), and dental benefits (30%).
Towergate Health & Protection believes that financial guidance, such as budgeting & debt management, can be an “extremely effective way for employers to assist their workforce through difficult times,” since poor financial health can directly impact physical and mental health. This could include increased stress, anxiety, and poor sleep. Likewise, benefits that cover an employee’s salary if they’re absent long-term will allow them not to worry about financial security and experience peace of mind.
Rewards & discounts often come at no additional cost with various forms for group benefits, including Critical Illness (CI), Income Protection (IP), and Life Assurance. “This is an easy way for employers to provide support, with employers buying them standalone or via employee benefit platforms,” explained Towergate.
The Cost-of-Living Crisis has worried most employees needing to pay for health-related costs, whether that’s routine checkups or for a sudden illness. Employees weren’t convinced they’d manage their finances if they faced ill-health, a concern that has come into sharp focus with people struggling to get appointments & treatment with the NHS.
Consequently, 35% of employers intend to offer cash plans which pay out for routine dental, optical, and physiotherapy treatments. “Knowing that such medical costs are covered, can be a huge financial and mental weight lifted from the employee’s shoulders, and will also help to ensure that they maintain good health practices,” said Towergate.
Meanwhile, 39% of employers intend to increase workplace support via Private Medical Insurance (PMI). Towergate believes supporting the health and wellbeing of employees with PMI generally means that your workforce will be treated quicker than the public: “it sends a very positive message about the company caring for employee wellbeing.”
Debra Clark, Head of Wellbeing at Towergate Health & Protection, said that when employees face cost of living-related challenges, “all areas of their health & wellbeing can be affected, not just financial, but physical, mental and social health too.”
“Taking a diverse approach will help to ensure that supporting the financial issues employees are facing will also have a positive impact on their mental, social and physical wellbeing,” she concluded.
