s the cost of living continues to rise, its impact on employees in the UK has become a cause of concern. HR software provider Ciphr recently conducted a comprehensive online survey to understand how increasing living costs are affecting individuals at work. The survey, which took place between 12-15 June 2023, involved 1,000 UK adults working in organisations with at least 26 employees. The results shed light on the challenges faced by the workforce in the face of financial pressures.
According to Ciphr's survey, a significant majority of employees, three out of four (76%), admitted to feeling stressed or overwhelmed at times due to the soaring cost of living. This stress can have a severe impact on mental health and productivity, affecting both the employees and their employers.
In response to the increasing living costs, nearly a third of respondents (31%) took the step of asking their employers for a pay rise. This shows that many individuals are struggling to make ends meet and are seeking financial relief from their organisations.
Another significant finding of the survey was that over a third of employees (34%) have been actively searching for a better paying job. The fear of being unable to cope with the mounting expenses has pushed these individuals to seek alternative employment opportunities that offer better remuneration.
However, one of the most concerning revelations of the survey was that the fear of losing wages due to illness has led over half (52%) of the respondents to continue working even when they were unwell. This is an increase from the previous year, highlighting the growing financial strain on employees.
The survey also brought to light some disparities between in-person and remote workers. Over two-thirds (64%) of employees with in-person roles felt compelled to attend work while feeling unwell due to financial constraints. In contrast, two-fifths (38%) of hybrid and remote workers faced a similar situation. This difference suggests that remote workers might have more flexibility to take time off when they are sick, possibly due to reduced commuting costs and increased work-life balance.
The survey also highlighted gender disparities in the impact of rising living costs. More women than men reported having worked through illness (55% of women compared to 47% of men) because they couldn't afford to lose wages. Additionally, women appeared to be more stressed about the increasing cost of living (80% of women vs. 70% of men). These findings raise concerns about gender-related financial challenges in the workplace.
Ciphr's survey delved into industry-specific challenges and found that employees in retail and hospitality were statistically more likely to work while unwell due to financial constraints (81% and 78% respectively). This reveals the financial vulnerability of workers in these industries and raises questions about worker rights and protections.
The survey conducted by HR software provider Ciphr paints a concerning picture of the impact of rising living costs on the UK workforce. Stress, pay rise requests and job hunting for better pay are all symptoms of the financial strain faced by employees. Moreover, the fear of losing wages has forced a significant number of workers to attend work even when they are unwell, potentially exacerbating health issues and reducing overall productivity. Addressing these challenges will require a collective effort from employers, policymakers and society as a whole to ensure fair wages, job security and a supportive work environment for all employees in the face of the continuing cost-of-living crisis.
