A recent survey found that less than half (39%) of businesses have a clear strategy to support staff during cost-of-living crisis.
Also, 57 percent do not feel well-equipped to support their colleagues through the crisis, with 66 percent not feeling comfortable getting involved in their colleagues’ financial lives.
Is it the employer’s responsibility?
Less than half (46%) see it as employers’ responsibility to support staff during the cost-of-living crisis.
Even fewer (35%) managers have reached out to their colleagues to see if they have any financial concerns precipitated by the cost-of-living crisis.
Yet Mintago’s research found that the vast majority (66%) of managers have noticed that employees have raised more concerns about their finances this year than usual.
Just 35 percent have reached out to staff to see if they have any financial concerns.
The research showed that the majority of managers within UK businesses do not feel well equipped or comfortable in helping their staff through the cost-of-living crisis.
Chieu Cao, CEO of Mintago, said:
“Our research raises some serious concerns. For one, too few businesses have a plan to support staff during the cost-of-living crisis. What’s more, just 46 percent of managers consider it their responsibility to do so. This mindset is worrying.
“The cost-of-living crisis is not just a consumer issue, it is an employer issue; it is businesses’ responsibility to ensure they have the practices, resources and support structures in place to protect their staff’s financial wellbeing.
“But managers will evidently need help. Money clearly remains a taboo subject in the workplace, with most managers feeling awkward discussing financial concerns with their staff. Similar numbers feel ill-equipped to help, likely lacking in the resources and training required. As such, perhaps managers don’t see it as their responsibility to support their staff because they simply don’t know how to help.
“Business leaders ought to support managers, giving them the tools – from educational resources through to financial wellbeing platforms – so they in turn can help employees.
“The cost-of-living crisis is not going anywhere any time soon. It’s likely that employees are looking for their employers to do more to support them during this crisis. Indeed, managers can play a major role in easing the pressures and stresses on their teams, but only if they have the right tools in place.
“Now is the time for any business without a clear strategy to evaluate what more they can do at this challenging time.”
Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.
