Should employers do more to ease the rising cost of living?

Food, consumer goods, energy – the rapid price rise of essentials is squeezing pockets more and more each day. Energy bills may have been capped for households for the next two years – that should help alleviate some of the stress – but price rises continue to rock many other sectors. 

With this in mind, we recently commissioned some research to find out what employees feel their employer could do to ease some of the pressures they're facing. One of the biggest revelations: over half (51%) believe their employer should offset some of the increasing cost of living. Perhaps it's time to listen?

We surveyed 1,000 employees nationwide and found that even small contributions would make a huge difference, and many said they'd jump at the chance to save on coffee during their commutes. Almost two-fifths (39%) agreed they'd save a huge chunk of cash if their employer offered a benefits package that provided coffee shop discounts – so it just goes to show the severity of the cost of living crisis.

We also found that almost half of commuters (46%) visit coffee shops 2-4 times each week, spending an average of around £700 a year on hot drinks. As if that figure wasn't high enough, it's expected to rise even more, with market data confirming the average price of hot coffee has risen 3.5% in recent months.

We're a workforce gripped by caffeine. More than a third (36%) of employees also spend money on coffee during their working day, with over two-fifths (43%) admitting coffee boosts their productivity. 

It's evident employee benefits are craved by employees; more than half (52%) would feel more valued by their employer if they offered generous employee benefits packages, with 47% agreeing that employee benefits packages are more important to them since the rising cost of living.

We found that the key to attracting and retaining talent amidst the 'great resignation' could be employee perks that help offset some of the rising cost of living.

Here are a few of the key stats:

• Almost two in five (39%) agree employee perks would be important when deciding on a new job or switching companies.
• Over half (54%) confirm employee benefits packages that include discounts on things they frequently purchase are appealing when deciding to take a new job.
• Almost half (48%) think it's important for employers to offer substantial employee benefits packages to stand out from the crowd in the current competitive talent market.
• Almost one in five (18%) say employee perks are currently more important to them than salary.
• Over a quarter (28%) say employee perks are more important to them than other deciding factors such as company culture.
• Almost a third (31%) would consider leaving their current job if a new employer could offer them discounts like free or discounted food and drinks.
• More than half (51%) believe companies that offer perks care more about their employees than those that don't.
• 50% wish the company they work for offered a generous employee benefits package such as discounts on items they regularly buy, while 39% admit their current employer doesn't offer discounts on things they regularly purchase.
• Half (50%) would be happier working where they do if their employer offered them perks such as discounted or free food and drink.

Could Coffee Club be the answer? 

Our research goes hand in hand with the launch of our latest product, Coffee Club. We've created a platform that rewards coffee and hot drink lovers across the nation with 25% off barista-made drinks at some of the UK's most popular coffee shops.

Caffè Nero and chains such as Black Sheep Coffee, Kaspa's Desserts, and FCB Coffee are already on their books, and there are also 1,600 independents involved, making it the largest coffee club in the UK. 

The best thing? Coffee Club is ready for businesses to include in their current benefit packages to make their employees' caffeine fix much more affordable.

Making savings for the masses.

You can't deny we're a nation of hot drink lovers! And you also can't deny we've all been through a tricky few months with rising prices. So, it's even more rewarding to work with organisations and give something back to employees by easing some of their commuter costs.

In addition to the cost-of-living crisis currently sweeping the nation, organisations are struggling to attract and retain talent, with many turning to perks that stand out from the crowd and ultimately appeal to prospective new employees.

The UK's reported record-high job vacancies in recent months. In the three months to April 2022, almost 1.3 million job vacancies were available across the UK, which was around 630,000 higher compared to the same period in 2021.

We've already worked with some of the top employers across the UK to create bespoke employee benefits packages, so we know what it takes to provide businesses with a best-in-class reward programme that ultimately appeals to talent. We can't wait to continue growing Coffee Club and help employers offer something a little bit different within their perks packages.

Want to find out more about Coffee Club?

Visit: https://www.ellogroup.co.uk/coffee-club-press