Employee Benefits poll: Almost one-third (32%) of employers have implemented pay rises for their employees in order to support them through the current cost-of-living crisis.
Approximately one in 10 (11%) respondents to an online survey conducted by Employee Benefits earlier this month said that they have given their employees a one-off payment, while 30% were considering giving their staff either of these options.
Just 4% said that they had considered providing their employees with either a pay rise or a one-off payment and decided not to, while 23% admitted that they were not considering implementing either option.
Last week, Employee Benefits reported that West Brom Building Society awarded 430 of its employees a one-off £1,200 support payment in response to the rising cost-of-living. The payment was targeted at those earning £35,000 or less per year, with 70% of its workforce benefiting.
West Brom was only the most recent in a string of employers taking similar measures, including Yorkshire Building Society, which awarded the majority of its employees a £1,200 payment in order to boost its financial support and help with rising costs.
According to research by PricewaterhouseCoopers, more than 80% of large UK organisations are taking action to help staff during the cost-of-living crisis. Its survey of 84 organisations with more than 250 employees found that 53% have offered financial support through pay increases for essential workers, 51% have conducted additional pay reviews, and 40% have given out one-off bonuses.
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