Low-income workers in the UK are struggling to keep up in this inflated economy. And they are looking to their employers to show support during this time.
Whilst much of the UK’s workforce has joined The Great Resignation in search of better pay, those who are already earning high wages can stay put. Their employers are giving them the big bucks and leaving the low-income earners behind.
A recent YouGov survey sponsored by Indeed found that 19% of UK workers who are financially stable have received pay increases as a result of inflation, whilst just 6% of those who are in financial trouble could say the same.
With inflation reaching its highest peak in nearly 30 years, the research also found that one in 10 British workers are struggling to make ends meet and more than a quarter (29%) are currently unable to afford anything other than essentials. And 71% are saying that the past year has only made their financial woes worse.
High earners are experiencing the opposite. Twenty per cent of those earning between £100,000 and £149,999 have been offered a raise and 23% of those earning £150,000 or more have also witnessed merit increases. On the flipside, just 5% of those making between £5,000 and £9,999 and 7% of those with an income of between £10,000 and £14,999 have received increase offers.
Now especially, wages are playing a big role in an employee’s well-being, with 71% of low-income earners saying their employers aren’t showing support for their financial well-being. Some organisations have begun deliberating how they can better support their workers who are struggling financially—a consideration that, in the end, will be rewarding. Fifty-two per cent of those surveyed said a pay raise would heighten their loyalty to their employer.