One-third (35%) of employees want personalised reward and benefits as a means of financial support outside of salary increases, according to research by global reward and benefits platform provider Perkbox.
Its research, which surveyed more than 2,000 workers, also found that 34% of respondents want access to discount schemes that help them save on shopping and 32% would like flexible rewards that can be spent on activities such as going to the cinema or ordering a takeaway.
Nearly one-third (29%) admitted to actively looking to leave their current employer in favour of one that provides greater financial support. Meanwhile, 32% feel less motivated to work hard because they do not think their employer has made adequate effort to help with rising costs, with 34% resentful that more has not been done to support them.
In addition, a quarter (25%) said they cannot concentrate on work due to worries about their financial situation, 30% are jealous of colleagues who do not have financial concerns and 23% said money conversations have resulted in feelings of animosity. Despite this, 51% would welcome open conversations about money in the workplace.
Just under a third (31%) of Generation Z employees said they avoid talking about money to not be jealous of colleagues who earn more, while 24% believe that talking about money in the workplace will harm their career progression. A total of 18% of the entire workforce, and only one in 10 baby boomers, said the same.
Mona Akiki, chief people officer at Perkbox, said: “Employers cannot afford to gloss over the money conversation. Doing so risks productivity, motivation and culture. Instead, employers need to acknowledge the pressures workers are facing and facilitate an open dialogue to understand how money stress is hurting their business. Delivering meaningful support is contingent on listening and responding to the needs of workers.
“Businesses should be encouraging employees to be more open about what’s causing them financial stress. This will enable them to meaningfully acknowledge the ongoing pressures of the cost-of-living crisis and offer the right support. Businesses should look to offer a rewards and benefits package which can be tailored to workers’ diverse needs. These tools will go a long way to ensuring everyone in the workforce feels seen, supported and appreciated.”