25% of employees have received employer assistance, outside of annual salary increases
New research from Randstad has revealed that workers want more support from employers to help them manage the growing cost of living crisis.
The research, which surveyed 7,000 people across five markets* showed that the strongest pressure is coming from the younger generations with the majority (57%) of Gen Z and Millennials placing responsibility for ensuring that they can afford increasing costs with government or employers, compared to only 44% of Baby Boomers.
Sentiment differs across continents, as three in five (60%) Germans and around half of British (53%) and Dutch (46%) workers placed primary responsibility on government, while only a fifth (21%) of Americans agreed. US workers were more likely to pinpoint their employers as the ones who should take action, with a fifth (21%) choosing them, compared to less than one in ten (9%) of Brits and Australians and only 5% of Germans.
Growing expectations of businesses
Only a quarter (25%) of employees have so far received employer assistance, outside of annual salary increases, but most workers say they want to see more action from their employers in the next six months. Close to half (45%) want a monthly cost of living pay boost, with other demands on employers including:
- Over half (52%) wanting their employer to increase their salaries outside of the regular cadence of pay reviews
- Nearly a third (30%) wanting subsidies for daily expenses like cost of energy or travel
- Over a quarter (27%) wanting a one-off cost of living payment
Younger workers have the highest expectations
The level of employee expectation also differs by generation, with younger workers wanting the most help. Half (49%) of baby boomers said they themselves were responsible for managing the increasing cost of living, compared to just a third (33%) of under-35s.
These generational differences are also reflected in the fact that two thirds (67%) of Gen Z workers have received or expect to receive additional assistance from their employer to help them through the cost of living crisis, compared to only a quarter (24%) of baby boomers who said the same.
Employers are beginning to make this a priority
There are some signs of employers beginning to help workers manage the current economic climate. One in ten workers (9%) have received a one-off cost of living payment and 8% are receiving monthly cost of living pay boosts. This is more common in Germany, where 14% of workers have received this assistance, compared to only 7% of Americans.
Sander van ‘t Noordende, CEO of Randstad, said: “As talent shortages continue across many industries around the globe, employees are now facing a fresh challenge of the increasing cost of living. Against this backdrop, workers are looking to employers to offer the complete package – flexible, inclusive and financially stable employment. While the economic environment may encourage people to stick with their employer, causing a slowdown in the “Great Rotation” businesses mustn’t miss out on the unique opportunity to create a more content and productive workforce. Those who feel supported now, are likely to remain loyal even when times aren’t as tough.”