Letters: Businesses, step up on wages
[Re: UK unemployment falls to 50 year low amid jobs market exodus, yesterday]
As real time pay continues to fail to keep up with the rising cost of living, employees are increasingly worried about their financial situation. Our research found that 69 per cent of employees are concerned about their ability to pay for essentials, such as rent and food – yet 1 in 4 businesses are not planning on running any initiatives to help.
The pandemic, and its after effects, have solidified the role of employers in supporting the mental, physical and now also the financial wellbeing of their employees. And, if employers fail to provide additional financial support, it’s likely employees will become more stressed and anxious, meaning they will be less motivated and productive at work – which could threaten to damage business performance in the long run.
At this critical time, employers need to consider this a part of their long-term people strategy, ensuring they continue to support financial wellbeing and maintain competitive pay as part of their important role as a safety net for their people.
Pete Cooper
Personio