Workers worldwide are looking for financial help to offset cost-of-living increases in difficult economic times. That’s according to the results of the Randstad Q4 Workmonitor Pulse survey of 7,000 workers in the United States, the United Kingdom, Australia, Germany and the Netherlands.
“Among millions of Americans who were fortunate to receive a salary increase in the past six months, [one respondent] said the higher cost of everything in the US has made him keenly aware of how quickly his pay is eroding in 2022. With retirement in the near future, he said he’s concerned whether the savings he has will be enough,” the report’s authors noted.
Employees in the United States look more to their employers than the government for financial help. Of the US respondents, just 21% place responsibility on the government; by comparison, the rate is 46% in the Netherlands, 53% in the UK and 60% in Germany.
About half of the worldwide respondents in various age groups said they would like to see a pay raise in the next six months outside of their annual pay reviews, or they’d like to see a monthly cost-of-living payment added to their paychecks. Across all age groups, respondents said that they would like to see their employers provide one-time cost-of-living payments.
“Companies that are especially proactive in helping their employees overcome higher prices will likely be the most successful in nurturing a loyal and productive workforce in the months ahead,” the report’s authors wrote.
The report’s recommendations for employers:
- Closely monitor compensation practices, especially for in-demand skills.
- Make sure employer brand-building is a sustained practice, because companies will need to compete for workers on more than just pay.
- Regularly survey workforce sentiments to ensure that company policies reflect the desires and needs of employees.
- Offer ways to help workers offset higher costs, such as allowing more remote-working arrangements to save on commuting costs or subsidizing spending for items such as childcare or health services.
