Workers losing out on the moments that matter due to rising cost of living
London, 2 March 2023: Research from Perkbox, the global rewards and benefits platform, reveals nearly three quarters (72%) of workers have been forced to change their lifestyles due to the rising cost of living. As part of this, almost a quarter (24%) are taking fewer moments for themselves outside of the working day.
Employers are well placed to address this by recognising the good work of their people and providing a rewards offering that allows employees to retain access to the moments that matter most to them. However, according to a survey of over 2,000 workers, nearly three fifths (59%) do not have access to a rewards or benefits platform, despite the contribution it can make to employee experience.
Further support in demand
In fact, workers are seeking greater support from their employers, with nearly three quarters (73%) saying it is their employer’s responsibility to help ease cost of living pressures. However, while many would like to see a pay rise in line with inflation (54%), they recognise that being rewarded isn’t limited to salary increases, and value more diverse forms of support too. These include:
- Rewards or benefits that support shopping, leisure activities, health and wellbeing etc. (28%)
- Mental health support (27%)
- Financial planning, financial wellbeing support and / or training (23%)
- Rewards funding such as an allocation to spend on activities or services of your choice (18%)
Gautam Sahgal, CEO of Perkbox comments:
“During a difficult economic period, salary increases are of course an option for employers wanting to demonstrate they value their workforce. But when this isn’t financially feasible or doesn’t go far enough, employers can look to reward and recognise their workforce using other methods. Offering rewards and benefits that financially support employees to access the activities and pastimes they value is just one example – whether that’s helping out with cinema tickets, eating out or activities for the family.”
Perkbox’s offering was developed with this in mind. Its points based reward product gives employees the freedom to choose the rewards which are important to them - helping them to feel supported and able to enjoy the moments that matter.
The moments being missed
Amidst a shortfall in employer support, more than half of workers (54%) said they’ve cut back on dining out or takeaways, with others reducing trips to the pub (41%), holidays (38%), leisure activities, such as going to the cinema (35%) or days out with the family (25%).
Missing these moments has a cost to employee wellbeing, with more than one in four workers (28%) say their mental health has worsened as a result of cutting back on experiences.
“Work-life balance is absolutely essential to a happy, healthy and engaged workforce. That’s why taking time for the activities and hobbies that really matter to us is especially important. When these moments are sacrificed during difficult times, employers are likely to see a big impact on their people’s stress levels, engagement at work and even their overall wellbeing. This should be an alarm call for employers to provide the necessary support. Even though activities such as a cinema trip may sound small, offering the choice of such a reward can make a huge difference to overall wellbeing and allow employees to enjoy the moments that matter.”
About the research
The research was conducted by Censuswide on behalf of Perkbox during February 2023. It surveyed 2027 UK full-time workers between 10.02.23 – 14.02.23. Censuswide abides by and employs members of the Market Research Society which is based on the ESOMAR principles.
Perkbox is the global rewards and benefits platform that allows companies to care for, connect with and celebrate their employees, no matter where they are and what they want. With over 10 years’ experience, Perkbox is trusted by more than 4,500 companies with users across the globe. Its location agnostic platform helps companies with diverse and dispersed workforces harmonise their Employee Value Proposition (EVP) — keeping each employee happy, healthy, and motivated.