According to a new study by employee benefits technology provider Zest, six out of ten employees between 18 and 34 are worried about the rising cost of energy this year. They are also asking for more help from their employers.
Water UK announced recently that the average annual water bill in England and Wales for households will increase 26%, to more than PS600.
Two-fifths (42%) of employees between 18 and 34 years old are also concerned about rising housing costs.
Six in ten employees (18-34) say that the high cost for living is a factor when choosing where to work.
Employers must ensure that they provide the support their employees require. Half (52%) of the young people say they prioritize the benefits package when looking for a job.
Matt Russell, CEO at Zest, said: “The recent spike in bills is going to put more pressure on household finances. Employers have an important role to play by offering enhanced financial support to employees.
“Employers should listen to what benefits employees value most. Right now, it is clear that employees prefer financial assistance to relieve the pressure from rapidly rising costs.
Organisations that can meet employee expectations around reward packages will have a competitive advantage. They’ll boost productivity and morale. Employers must have the technology to monitor employee uptake of benefits, to communicate with them and to adapt their support as necessary.
Zest, a technology company specializing in employee benefits, has over 500 clients, including Hargreaves Lansdown and Taylor Wimpey, with more than 300,000 employees. The multi-award winning platform provides a new approach to flexible employee benefits.
Employers can use Zest’s ROI Calculator to learn more about potential savings on employer NI contributions as well as approaches to reduce talent loss and boost productivity: https://www.zestbenefits.com/roi-calculator/
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