《Reward Gateway:2023年生活成本危机报告(英文版)(19页).pdf》由会员分享,可在线阅读,更多相关《Reward Gateway:2023年生活成本危机报告(英文版)(19页).pdf(19页珍藏版)》请在三个皮匠报告上搜索。
1、Supporting your people through cost of living increasesThe Cost of Living Crisis ReportThis report is presented byReward Gateway The Cost of Living Crisis Report2Table of contentsSurviving the Inflation Squeeze 3The War for Talent intensifies 3Recalibrating for the road ahead 4The Evolving Dynamics
2、of a Global Workforce 5Insight#1:Cost of living increases are taking their toll on work 5Insight#2:Must-haves for employees are shifting 6Insight#3:Employees are getting back to basics 9The Keys to Attracting and Retaining Top Talent 10Meeting employee needs outside of pay increases 10Insight#4:Peer
3、 recognition is still the most important reward 11Insight#5:Rewards for effort are highly valued 12Insight#6:Employees want access to financial wellbeing resources 13Insight#7:Communicating available benefits is critical 14Support Employees and Strengthen Your EVP 15Rewarding Programmes,Professional
4、ly Run 17Reward Gateway The Cost of Living Crisis Report3Wages are,in fact,increasing:Average employee regular pay grew 4.2%from January to March 2022,5 with a whopping 7%growth in total pay(including bonuses).But employees are finding that any wage boosts their companies are able to afford are bein
5、g outpaced by inflation.64.2%7%Surviving the Inflation SqueezeAs the world reels from the impact of the pandemic,global conflicts and economic turmoil,the cost of living is spiralling up,and fast.Driven by inflation rates at 40-year highs1 and predicted to surpass 10%this year in the UK,2 the cost o
6、f consumer goods,raw materials,transport and energy is sharply upturned,with the average annual UK energy bill set to rise by 800 this October.3Skyrocketing costs are locking employers and employees in a delicate dance.Companies are feeling significant financial pressure as bills mount.Nearly 70%of
7、HR decision-makers agree the increasing cost of doing business is negatively impacting their HR budgets for 2022,4 leaving them little wiggle room for salaries,benefits and hiring costs.If anything,companies are looking to cut costs and raise consumer prices.The War for Talent intensifiesAs if these
8、 tough circumstances werent enough,compounding them is the ongoing War for Talent.The UK Office for National Statistics labour market figures released this May show that,for the first time since records began,there are more job vacancies than unemployed people in the UK.7 This imbalance is creating
9、opportunities for workers,who are now even better positioned to take advantage of the job-seeker-friendly market and find a higher-paying post.Many are having to make difficult decisions:weighing the benefits of staying with their current employer against driving up their buying power in todays econ
10、omic climate.And the War for Talent continues to challenge companies,with the need to raise salaries and recruitment costs to battle against a worsening shortage of workers budgets they are now hard pressed to find as the cost of doing business edges up.“Retention is becoming as important as recruit
11、ment in maintaining a steady workforce.The redundancy rate is below pre-pandemic levels as employees seek to stem the flow of workers out of the firm.”8Jonathan Boys,CIPD labour market economistReward Gateway The Cost of Living Crisis Report4Recalibrating for the road aheadIn such a perfect storm of
12、 fundamental shifts,stepping back for a temperature check can provide critical insights for riding out the next wave of change on the horizon.Survey results point clearly at a primary shift in employee mindsets,expectations and must-haves.The data sends a strong message to employers about what they
13、need to do to help employees weather ongoing cost of living increases and become an employer of choice in the post-pandemic world of work.Bringing awareness and increased uptake to employee benefitsOne of the ways organisations are navigating the cost of living crisis are through extra attention pai
14、d to benefits on offer,whether adding new,low-cost benefits for employees to help them shoulder financial burdens,or bringing attention to benefits that employees may have forgotten about.A Reward Gateway client,St.Jamess Place Wealth Management,uses its newly-launched Total Rewards Statement and ce
15、ntralised benefits hub to show its near-2,000 employees all the benefits they have in one place,leading to higher takeup and improved employee satisfaction.The team recently moved their paper-based TRSs,which were delivered annually,to a digital format that employees could access anywhere,anytime,wh
16、ilst the HR team can make changes to it quickly and easily.To date,97%of its employees are registered on the My Rewards benefits hub,which gives employees access and awareness to benefits such as dental,medical,pension,share schemes,EAP,holiday trading,employee discounts,cycle to work and more.The t
17、eam has received positive feedback from employees,who say the platform has made their reward and benefit policies really easy to find,as they are all now accessible in one place.A recent study by Reward Gateway,an award-winning HR technology company,surveyed 3,800 employees and senior HR decision-ma
18、kers from companies9 across the UK,Australia and the U.S.to better understand what employees and employers are going through,and where they can find common ground.Reward Gateway The Cost of Living Crisis Report572%of global HR Managers feel that cost of living increases are negatively impacting the
19、work of employees.74%71%71%in UKin Australiain U.S.The Evolving Dynamics of a Global WorkforceAs the power balance shifts even further in the direction of workers,and companies strategise to attract and keep the best talent,the coming year will be a vital time to understand and address employee need
20、s.Read on for seven key insights from the Reward Gateway report into the evolving dynamics of a global workforce.Insight#1:Cost of living increases are taking their toll on workEscalating costs of consumer and household essentials like energy,mortgage interest and transportation are shrinking the di
21、sposable income of employees and tamping down the standard of living for families across the world.According to the Tony Blair Institute for Global Change,workers in the UK will need average pay rises of 8%this year just to maintain their living standards.10The financial strain of not keeping up wit
22、h inflation is taking its toll on the physical and mental wellbeing of employees and their family members.The Reward Gateway survey revealed that many HR managers feel this stress is moving beyond the home to affect employees performance on the job.Its understandable that workers facing financial ha
23、rdship are not at their best.As quality of work takes a hit,employers risk not only a drop in corporate productivity but also an attrition hit,as workers search for(and leave for)jobs that pay better and that may take better care of their wellbeing.Reward Gateway The Cost of Living Crisis Report6Ins
24、ight#2:Must-haves for employees are shiftingThe confluence of pandemic recovery and high inflation is laying the groundwork for some other primary shifts in the priorities of workers across the world.The Reward Gateway survey saw the top five global employee must-haves take some interesting turns fr
25、om 2021,with a surge in the importance of both flexible working and wellbeing support,displacing other critical priorities like trust and communication.123Fair payA manager who cares about their employeesFlexible workingFair pay,a key factor in maintaining standard of living,remained the top must-ha
26、ve from 2021 to 2022.Three quarters of employees in the UK and Australia indicated this was a must-have and more than half of employees in the U.S.A caring manager continues in second place from 2021 to 2022,showing that bosses can really set the tone for a positive working life.A big jump from fift
27、h to third for this must-have as post-pandemic return-to-work and work-from-home policies get worked out.People who are working from home are sending a clear message that they want to stay there.The top 5 employee must-haves in 2022 in all geographies surveyed are:Reward Gateway The Cost of Living C
28、risis Report745Trusted leadershipFinancial,physical and mental wellbeing supportWhile its critical to trust company leadership,especially in todays global environment of distrust and division,this must-have moved down from third to fourth place,demonstrating how pressing other concerns are becoming.
29、For the biggest shift of all,the need for wellbeing support in the workplace moved up from eighth place,bumping A culture of open and honest communication out of the top five.Again,a sign that wellbeing needs are bubbling to the top even in todays atmosphere of distrust.Reward Gateway The Cost of Li
30、ving Crisis Report8Flexible working Financial,physical and mental wellbeing supportReward and recognitionIn fact,40%of employees in all locations surveyed would leave a job that didnt offer them:Identifying opportunity from top employee needs Its fair to say that the workplace has changed significan
31、tly,with organisations continuing to evolve and innovate new ways of working.Even though many employees missed the humanity of face-to-face interactions during the pandemic work from home era,many organisations actually benefitted from greater communication,better online collaboration tools for keep
32、ing on track and in touch,and more internal communication from leaders to engage employees in strategy and direction.And as the pandemic has stabilized,people have less urgent need for the constant communication relied on in 2020 and 2021.One things for sure in the current era:Employees are now dema
33、nding flexibility in return-to-work policy planning and support for financial,mental and physical wellbeing over and above their expectations for communication and trust in leadership.Reward Gateway The Cost of Living Crisis Report975%of global employees would use any financial rewards received from
34、 their workplace for essentials rather than luxuries.in U.S.in UK and Australiafor households with children aged 18 and younger73%80%80%Insight#3:Employees are getting back to basicsThe survey also demonstrates a renewed focus on household essentials over nice-to-haves as employees struggle with ris
35、ing costs.This significant emphasis on necessities stretches beyond what HR Managers expected:only 69%thought that employees would spend their workplace financial rewards on essentials.The upshot of this finding is twofold:One,that employees must be offered the flexibility to choose how they spend t
36、heir rewards.And two,that they need a broad array of discount and reward possibilities to cover what they consider essentials.Reward Gateway The Cost of Living Crisis Report10The Keys to Attracting and Retaining Top TalentThe survey results send a clear message that employees across the world are st
37、ruggling at home,and that this stress is spilling over into the workplace.And its also evident that employees expect their companies to help them meet this demonstrated need for support,resources and flexibility.The 2022 Edelman Trust Index backs up the need for business leadership to take more resp
38、onsibility for the wellbeing of people and society.More and more people every year feel that businesses should be accountable for addressing societal problems,with 60%of people choosing a place to work based on their beliefs and values.11Its rare to find an employer who does not want to build and st
39、rengthen teams that will continue to drive corporate success.This is the vision,but reaching it is tough when companies are getting squeezed between rising costs and the need to spend more on attraction and retention.Not every organisation can afford the high-cost,multi-year expense of company-wide
40、pay rises.Meeting employee needs outside of pay increasesThough no one can control the market and economy,there are simpler solutions available:meaningful investments that can keep engagement and morale high while attracting new talent.Readers may recall that A manager who cares about their employee
41、s ranked second in employee must-haves in this years survey.Leadership in the form of empathy and compassion for employees can go a long way.What does the survey say about what employees want from their workplaces?Read on to find out how employers can best respond to employee needs and create a work
42、place culture of gratitude and mutual respect.Reward Gateway The Cost of Living Crisis Report11in UKin U.S.90%79%Insight#4:Peer recognition is still the most important rewardIn todays favourable market for workers,managing employee experience and engagement is more important than ever.But over the l
43、ast two years,with a suddenly largely remote workforce,HR professionals are facing a whole new set of challenges to ensure employees feel appreciated and motivated.One thing remains the same,however:that employees most critical need,outside of increasing pay,is simply to be recognised among their co
44、lleagues for their efforts,ideas and successes at work.Understanding the power of peer-to-peer recognitionAs stated,outside of pay,reward and recognition are critical to keeping employees at their organisations.Because of this,Reward Gateway clients such Majesticare,a healthcare provider with hundre
45、ds of employees in the high-turnover care industry,has put a renewed focus on reward and recognition in response to an employee survey that labelled a lack of recognition as their top reason for leaving.During the pandemic,several initiatives were adopted that continue to propel Majesticares uptick
46、in retention with turnover dropping from 48%to 28%and recruitment and onboarding time decreasing by 36%.Every week a different company value was chosen and then an employee was recognised for living those values,given a specially produced rose plant that they were able to keep and watch blossom.The
47、tailored e-cards the team created with Reward Gateway also were redesigned to be more values-led,sparking an increase of nearly 100%usage year over year.The organisations annual Star Awards see nominations across the Majesticare family,with a handwritten card,quotes of their digital nominations and
48、a badge,complete with an all-expenses-paid awards night,trophy and yes,an actual star named after them.Because of efforts like these,Majesticare now sees that 96%of their employees feel positive about their future at Majesticare.Reward Gateway The Cost of Living Crisis Report12of global employees sa
49、y its important for employers to offer them a reward for their efforts.in UK84%88%Insight#5:Rewards for effort are highly valuedOutside of increasing pay,employees rank being rewarded for their workplace achievements a close second in importance to peer recognition.A financial reward like a gift car
50、d can ease financial strain with the added bonus of offering that all-important recognition for a job well done.An offer that is flexible enough for employees to spend as they wish demonstrates that employers are aware of and compassionate towards employees struggling with the cost of living.Reward
51、Gateway The Cost of Living Crisis Report1383%74%66%of global employees say its important for employers to offer financial wellbeing resources and tools.for ages 35-44for ages 45-54for ages 55+80%Insight#6:Employees want access to financial wellbeing resourcesWorkplace wellbeing studies show that whi
52、le stress impacts many aspects of employees lives,only 18%of employers offer financial wellbeing tools and resources.12 Lack of financial knowledge results in workers relying on expensive and financially harmful practices,like the 59%of employees that rely on high-cost credit.13 Its clear that,espec
53、ially among younger workers,financial advice,tools and resources are not only very much needed,they can also have a significant impact on the financial wellbeing of employees.And the survey shows that theyre also highly sought-after.Reward Gateway The Cost of Living Crisis Report14of global employee
54、s want their employers to make them aware of all the benefits available to them.49%Insight#7:Communicating available benefits is criticalOnline collaboration methods proliferated during the physical isolation of the pandemic,with connections to leadership and shared vision becoming even more importa
55、nt.With life returning to a new,more expensive normal,the survey shows that workers are now ready for stronger and more consistent communications about the benefits,rewards and support available through their workplace.To help them manage cost of living increases:“I think its really important to hav
56、e a good platform to show your benefits and where employees can find benefits.Its critical to evolve your benefits,too.The worlds always changing and theres things out there that are changing.Evolve your benefits to align with whats going on in the outside world as well.”Michelle Roden,Payroll Team
57、Leader,PDSAReward Gateway The Cost of Living Crisis Report15Support Employees and Strengthen Your EVPWith the War for Talent showing no signs of abating,companies are deepening their efforts to enhance their employer brand by increasing focus on mental health and work-life balance.On the plus side,c
58、ompanies are discovering many innovative ways to enhance their value proposition to employees.What you can offerWhat this demonstrates to employeesDiscountsIn the survey,52%of UK employees(47%globally)wanted their employers to offer a discounts programme.A broad plan with a wide range of offers to c
59、hoose from can give employees the flexibility they need to make their money go further.BenefitsMaximising uptake of the benefits offered both elevates the employee experience and boosts the return on your investment.Keep employees aware and excited about all the benefits available to them 49%want yo
60、u to.RecognitionReward and recognition rank high for employees.Create a culture of appreciation,celebrate contributions and enhance engagement through a programme that offers flexible reward options from gift cards to merchandise to creative non-monetary rewards,like lunch with the CEO.Reward Gatewa
61、y The Cost of Living Crisis Report16CommunicationsConnect and inform frontline,on-site and remote employees,keeping them up to date with company initiatives,culture,mission and values.Showcase what makes your company a great place to work through news,blogs and other online content.WellbeingA full 8
62、0%of global employees want their employers to offer financial advice,resources and tools,while 39%want access to mental wellbeing support.Its a win-win for employers:employees doing well physically,emotionally and financially are more productive and less likely to seek work elsewhere.Surveys and ins
63、ightsKeeping in touch with employees thoughts and feelings during this difficult time is critical.World-class benefits programmes include ways to monitor which teams are using benefits and recognition and how,giving you great insight into employee needs and where to put your engagement efforts.What
64、you can offerWhat this demonstrates to employeesReward Gateway The Cost of Living Crisis Report17Wellbeing CentreDay for ChangeRewarding Programmes,Professionally RunBusinesses have an important role in helping shape a better world and a better working life.Countless studies have shown that great wo
65、rkplaces are the ones that get the details right:engaging employees,thanking them for all they do and helping them through the tough spots in life.This latest study from Reward Gateway confirms that employees struggles with cost of living increases are spilling over into the workplace,putting the on
66、us on employers to lend a hand.The results demonstrate that workplaces that offer flexible work policies,financial advice,wellbeing support and rewards that can be used for household essentials will be more attractive to employees,who are ranking these needs higher than ever before.And its clear fro
67、m this report that whilst getting rewarded for good work is important to employees,recognition from peers and managers is still seen as even more important.In the end,whilst employees needs have shifted in this atmosphere of massive change and challenge,theyre still looking for a human workplace whe
68、re they feel acknowledged and treasured.1 Forbes:Whats Driving Inflation And Is It Sustainable?May 16,20222 SkyNews:UK economic growth will grind to a halt and 10%inflation on the way.Jun 9,20223 BBC:Energy price cap:Typical energy bill set to rise by 800 a year in October,May 24,20224 Reward Gatewa
69、y survey,20225 FENews:ONS Labour Market figures.May 17,20226 BBC:UK wage growth lags rising cost of living Feb 15,20227 FENews:ONS Labour Market figures.May 17,20228 CIPD:Tight labour market will force organisations to strengthen employment offer to attract and retain staff.Feb 15,20229 Companies su
70、rveyed were not Reward Gateway customers.10 Bloomberg.U.K.Workers Need 8%Pay Rises To Beat Living Standards Crunch,Jan 25,202211 Edelman:2022 Trust Barometer12 HR Magazine:Money worries impacting employees ability to sleep.Sep 30,202013 HR Magazine:Money worries impacting employees ability to sleep.Sep 30,2020Reward Gateway delivers employee engagement solutions to more than 2,500 clients worldwide through our unified platform.Support employees with savings on essentialsLaunch a new discounts programme in as little as 48 hoursSchedule your demo at rg.co/savenowThis report is presented by