Chloe Thompson
Uncover new research in the Cost of Living Report
Every HR leader wants their top talent to stay. But as the competitive talent market continues to challenge, and as many employees struggle with sharp cost of living increases, how do companies remain an employer of choice? Where do they find room in that ever-shrinking budget to support their employees through these tough times?
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 employee 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 Australia, the UK and the U.S. what they are going through and how workplaces can help.
So what are employees’ top needs? What would make them stay, or choose one organisation over another, maybe even one that pays better? The answers may surprise you.
Here are some highlights:
- 85% of global employees say it’s important to be recognised by their peers and managers for their efforts. Recognition actually ranked above rewards.
- 80% of global employees say it’s important for employers to offer financial wellbeing resources and tools.
- 40% 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.
The survey results point to a primary shift in employee mindsets, expectations and must-haves. The data sends a strong message to employers about what they need to do to help employees navigate ongoing cost of living increases and become an employer of choice in the post-pandemic world of work.
On the plus side, companies are discovering many innovative ways to enhance their value proposition to employees, such as an increased focus on mental health and work-life balance. With the competition for top talent showing no signs of abating, enhancing employer brand is more important than ever.
