Workers allege employers have not adequately compensated for inflation surge.
Almost half (44%) of employees in Ireland say they are experiencing financial stress.
A third (33%) do not believe their organisation shows concern for their financial wellbeing or reducing this stress.
“It’s crucial that employers take a step back and understand the influence that this stress can have on their employees, both inside and outside of work”
That’s according to an independent study commissioned by SD Worx and carried out by iVOX among 1,000 employees in Ireland to gain insights into their financial concerns and wellbeing.
Keeping heads above water
Eimear Byrne, country lead, SD Worx Ireland
As the cost of living continues to rise, 41% of those surveyed believe that their employer did not adequately compensate for inflation last year, while 44% said that they would like to be able to request a salary advance.
Just 28% of workers feel like they have a significant influence in their salary negotiations.
The survey also suggests that financial stress among employees can have a major impact on businesses. Some 23% of employees say that they would leave a job if they were dissatisfied with their financial stability and job security.
“In the current economic climate, organisations must take into account the impact that adequate rewards packages have on employees’ financial wellbeing,” said Eimear Byrne, country leader at SD Worx Ireland.
“Our research shows that employees are grappling with rising costs and are concerned with their financial stability. When not reflected by proportionate salary increases, the increasing cost of living amplifies the stress and pressure that employees and their families are placed under.
“It’s crucial that employers take a step back and understand the influence that this stress can have on their employees, both inside and outside of work. Payroll shouldn’t be a silo – payroll and HR are closely linked, and they must work together to ensure a happy and well-rounded workforce.”
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