Key Takeaways:
- Employers are scaling household bills support, instant access wages, and home working allowances as 70% of workers are worried about their current salary during an ongoing cost of living crisis.
- Analysis of over 21 million job ads shows the number of businesses offering support for household bills increased 68-fold in the past 12 months.
- Nearly two-fifths of workers are frustrated with their salary, with dissatisfaction highest amongst those working in healthcare, education, and social care.
“Employers support with household bills as 70% of workers worry about their salary in light of rising living costs, reports Totaljobs”
London, United Kingdom – Totaljobs, the recruitment technology company, has released a new report showing that employers are stepping up to support their employees with household bills, instant access wages, and home working allowances as rising living costs cause salary worries for 70% of workers.
The report highlights the changing benefits landscape in the UK job market as businesses respond to the ongoing cost-of-living crisis. The report also includes analysis of over 21 million UK job adverts to identify significant changes made by employers in the past year, as well as a survey of over 7,600 professionals to gauge their views on salary satisfaction and job security.
Benefit Boost: Benefits on the Rise
Totaljobs’ analysis found that household bill support appeared in 68 times more job adverts in 2022 than in 2021, making it the most significant increase in benefits. Electric car schemes came second, appearing eight times more in job adverts compared to 2021. Other benefits that have appeared in significantly more job adverts this year include 4-day-working weeks and a home working allowance, both more than doubling compared to the previous year.
Money on the Mind: Staff Satisfaction and Security
The report revealed that nearly two-fifths of workers are frustrated with their salary, with dissatisfaction highest amongst those working in healthcare, education, and social care. On the other hand, those working in construction, finance, IT, and property & management had the highest levels of salary satisfaction.
Of those who feel dissatisfied with their salary, just under half (49%) feel they are paid unfairly in light of rising living costs, while a similar proportion feel that their salary does not reflect the time and effort they put into their work (48%) or that their salary is not enough to live comfortably (48%). A further sixth (16%) feel they are paid unfairly compared to their peers and colleagues.
Sought After Benefits
Totaljobs’ report shows that workers are valuing support for childcare, commuting, parental care, and full-time remote working. In fact, 41% of workers would be happy to skip a pay raise to get their most desired benefit, with childcare support being the most important benefit for 54% of respondents. The report also highlights that the rising cost of living is having a disproportionate impact on women, with men more likely to ask for a pay raise or negotiate salary.
Commenting on the report, Julius Probst, European Labor market Economist at Totaljobs, said, “Recruitment has held strong despite rising economic challenges, and although salaries are rising, we’re seeing massive shifts in the benefits employers are offering to attract and retain talent. In this market, it’s become apparent more than ever that employers must ensure they are offering salary and benefits packages that truly work for all employees.”
Conclusion
Totaljobs’ report provides valuable insights into the changing benefits landscape in the UK job market. The report shows that employers are taking proactive measures to support their employees as rising living costs cause salary worries for many workers. The report also highlights the importance of salary benchmarking, benefit reviews, and transparent communication in attracting and retaining talent. In a market where recruitment is strong but salaries remain a concern, employers must prioritize offering attractive salary and benefits packages that meet the needs of their employees.
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