Member Article

Bosses face mass resignations unless they help staff with cost of living - new study

Employers are being warned they need to do more to support workers with their cost of living to avoid a staff exodus ‘timebomb’, after research found one in five workers are only staying in their current job because of anxiety over rising prices.

Millions of workers are delaying major life changes because of the cost-of-living crisis and fears that they won’t be able to pay the mortgage as interest rates rise, according to a survey by Nous.co, a tool which saves employees money by managing their household bills.

The research found that 21 per cent of people want to move jobs – but are currently postponing doing so.

Greg Marsh, CEO and Co-founder of Nous, warned that the research shows employers face large numbers of flight-risk employees, who would leave if they were offered a higher salary elsewhere.

But with employers already stretched this means many companies are having to look for other ways to help their staff deal with rising living costs.

Marsh said: “Business leaders are facing a timebomb of workers leaving their companies and need to act now to avoid mass resignations.

“Our research shows just how many employees are looking to move elsewhere as soon as they can.

“Offering bigger salaries may encourage staff to stay put, but doing so might force businesses to put up their prices, leaving them in an uncompetitive position.

“Employee benefits can help solve the problem – as long as they’re not gimmicks like a neck massage every Tuesday. A time when household incomes are being squeezed at a record rate people are crying out for benefits that fix the problems they most need help with.”

The research found a further 29 per cent have shelved moving house and 23 per cent have given up on having a pet. When it comes to relationships, 11 per cent are avoiding marriage and four per cent are delaying getting a divorce.

Marsh added: “Employers need to evolve to meet the needs of the modern workforce if they want to attract and retain the best talent. Real, practical help to manage their household bills is a huge step in that direction.”

The Nous research – conducted among 2,000 working adults – also found that one in three are worried that they will not be able to pay their mortgage.

Even more say they are having to make major lifestyle cutbacks to make the repayments, and 27 per are having to raid their savings.

This was posted in Bdaily's Members' News section by Business News .