Just one-quarter (25%) of employees have received additional assistance from their employers to help manage the rising cost of living, outside of annual salary increases, according to HR services provider Randstad.
The research, which surveyed 7,000 people across five markets, also revealed that 57% were not expecting any additional help in the next six months.
Almost half (45%) said they would like a monthly cost of living pay boost, 52% wanted their employer to increase salaries outside of their regular pay reviews, 30% said they would like subsidies for daily expenses like energy bills or travel, and 27% wanted a one-off cost of living payment.
In addition, two-thirds (67%) of employees aged 18 to 24 have received or expect to receive additional assistance from their employer to help them through the cost-of-living crisis, compared with only 24% of those aged 55 to 67.
The majority (57%) of 25 to 34-year-olds said they would place responsibility for ensuring that they can afford increasing costs with government or employers, compared to only 44% of older respondents. Half (49%) of those aged 55 and above said they were responsible for managing the increasing cost of living, compared with 33% of under-35s.
Sander van‘t Noordende, chief executive officer of Randstad, said: “As talent shortages continue across many industries around the globe, employees are now facing a fresh challenge of the increasing cost of living. Against this backdrop, workers are looking to employers to offer the complete package: flexible, inclusive and financially stable employment.
“While the economic environment may encourage people to stick with their employer, businesses mustn’t miss out on the unique opportunity to create a more content and productive workforce. Those who feel supported now, are likely to remain loyal even when times aren’t as tough.”
