More than a third (35%) of employers are not planning on making any changes to pay policies in light of the current economic environment, according to research by insurance brokerage, risk management and consulting services firm Gallagher.
Conversely, 40% of employers said they have demonstrated their commitment to supporting employees financially by reviewing their pay scales.
Almost two-thirds (65%) of those working for organisations offering workplace financial wellbeing support said they found it quite effective and 7% thought it to be very effective. However, 24% found it to be not very effective and 4% said it was not at all effective.
Alistair Dornan, director of people experience at Gallagher, said: “It’s more important than ever that [organisations] provide employees with the right support and advice to help them manage their financial health needs. Getting the right benefits in place will help support employees with their personal finances during the cost-of-living crisis, get it right and organisations will be in the right place to effectively address whatever tomorrow may bring.
“Although many organisations already provide a range of money saving benefits for their people, there are other ways they can help to alleviate the stress and worry facing employees who are concerned about debt and their personal finances.”