How are employers helping staff address a rapid fall in real income levels?
The Cost-of-Living Crisis: an analysis of leadership responses
In recent years, business leaders have placed an increasing focus on employee well-being, primarily as a result of the challenges created by the global pandemic. Many of our network members have told us that their organisations have been taking a more holistic approach to workplace wellbeing, with new strategies in place to address the financial, mental and physical wellbeing of their staff.
In 2022, financial wellbeing has emerged as a particularly critical concern, with senior leaders acutely aware of the impact the cost-of-living crisis is having on their staff. It is clear that financial stress is intrinsically linked to both mental and physical health; and employers are paying close attention to workers’ personal circumstances as the income squeeze worsens.
So how can C-Suite leaders respond to the crisis? What policies and procedures can, or should, they implement to help employees?
To help answer these questions, we consulted with over 70 of our network members and representatives of the wider business community to find out how employers are responding to this challenge.
Key Findings
What % of employers surveyed are taking, or planning to take, action to help employees with the cost-of-living crisis?
What initiatives are employers using to support their staff?
The full report includes economic forecasts and a wide range of examples of remuneration-focused and wellbeing-focused initiatives as well as other sources of information or advice. This has been shared with members as part of Winmark’s network programme of research, thought leadership and events to help employers respond to the cost-of-living crisis. To request a copy, please contact john.madden@winmarkglobal.com