January 25, 2023
Cost of living driving employees to seek new jobs or more help from employers
A large majority (84 percent) of employees are experiencing stress and anxiety due to the cost-of-living crisis, yet two-thirds of employers aren’t offering any financial or emotional support. This is the key claim in a new report from Workhuman which suggests that employees across the UK are struggling with the ongoing cost-of-living crisis, with 62.5 percent considering leaving their current job if their employer doesn’t recognise their financial struggles or does nothing to support them. The survey of 1,000 full-time employees across the UK also claims that 77 percent of employees said their employer could be doing more to support them financially and emotionally through the current crisis.
The UK Human Workplace Index report suggests that 84 percent of UK employees are experiencing stress and anxiety due to the cost-of-living crisis, with 61.5 percent of respondents saying they have struggled to pay at least one of their expenses in the past three months, with utility bills, petrol and food coming out on top as the expenses respondents most struggled to pay.
Half of respondents have worked extra hours in the past three months, while two-thirds say the cost-of-living crisis has affected their work-life balance, suggesting that many employees are putting in extra time in an attempt to make ends meet at the cost to their personal lives.
These additional working hours have seen employees suffering from burnout, and being less productive at work. In fact, nearly 50 percent of respondents said concern about the cost-of-living crisis is negatively impacting their work, while 63 percent said that their workload has increased. What’s more, 41 percent said their wellbeing has suffered as a result of a recent layoff at their company.