Not every company can afford double-digit pay increases to help employees keep up with inflation. So what are the most effective levers available to promote employee wellbeing, to provide much-needed benefits, to recognise and reward their contributions and to create a working environment employees will value and enjoy, despite the world’s troubles?
A 2022 study from Reward Gateway, an award-winning HR technology company, asked 3,800 employees and senior HR decision-makers from companies across the UK, Australia and the U.S. what they are going through and how workplaces can help.
Here are some highlights of the research:
85 per cent of global employees say it’s important to be recognised by their peers and managers for their efforts. Recognition actually ranked above rewards.
80 per cent of global employees say it’s important for employers to offer financial wellbeing resources and tools.
40 per cent of employees in all locations surveyed would leave a job that didn’t offer them flexible working; reward and recognition; and financial,physical and mental wellbeing support.
With the average household spending 29 per cent more in December than in a typical month (according to the Bank of England) and annual food price inflation and energy prices continuing to soar, employees are facing a difficult end-of-year. Discover how you can extend employees' disposable income without the expense of a company-wide pay rise.