(PR in) HR Pulse | HR News Round-up: 5th – 11th June 2023
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Should employers embrace employees’ side hustles?
A recent report from Utility Warehouse shows that more than one-third (c20 million) of employees currently have more than one income and estimates that this will rise to almost half (47%) by 2025.
This is an incredible jump from the 2017 pre-pandemic rate that stood at just below 10%.
Unsurprisingly, more than a third (35%) said the main reason for this increase is due to the impact of the cost of living, along with the rise of household bills (34%).
According to the report, employees earned an additional c£780 in February 2023 from their secondary incomes, which could amount to c£9,360 a year.
However, Utility Warehouse’s co-CEO Andrew Lindsay, explains that less than a quarter (19%) of employees with multiple incomes take them to pay for necessities. Rather, 40% of employees stated that it was to increase their savings and almost a quarter (22%) said it was to increase their disposable income budget.
Terry Payne, Global Managing Director of Aspire, implores employers to adapt to the idea of employees with multiple incomes as preventing them from doing so could backfire if an organisation is unable to increase their wages due to budgets.
Lindsay suggests that the best way to support employees with additional incomes is through flexible working and smart working.
Source: HR Magazine.
The balance between four-day work weeks and increased workload
A survey by Liverpool Business School, has found that just over half (51%) of employees feel more productive with extra time off, even though more than two-thirds (67%) experienced an increase in workload.
This research comes after May’s unintentional four-day work weeks, due to the three-day holidays.
Although respondents stated an increase in workload, they also noted an overall improvement in their work/life balance due to the benefits that allowed them to see family and friends (85%) and focus on health and wellbeing activities (56%).
Clara Wilcox, Parental Career Coach at The Balance Collective, explains that employees highly value flexible working and are willing to trade a four-day work week for a more intense workload, but employers need to understand the additional pressure this puts on them.
Almost half (43%) of the employees surveyed stated that they had to work longer hours to combat the time lost during the bank holidays.
Wilcox explains that trying to cram the level of work done over five days into four is understandably causing increased levels of stress and anxiety. She adds that if employers are looking to adopt a four-day work week, they will need to set realistic expectations and goals - along with focusing heavily on communication between employees and managers to ensure it doesn’t have a negative effect on employee health and wellbeing.
Source: HR Magazine.
The majority of employees are left uninsured and vulnerable
New research from Barnett Waddingham reveals a protection gap as the majority of UK employees don’t receive critical illness, income protection or dental insurance as part of their paid benefits.
The survey found that more than two-thirds (72%) aren’t offered critical illness insurance and almost three-quarters (72%) aren’t provided dental insurance. More than two-thirds (68%) also don’t have private medical insurance or life cover even though 40% of respondents expressed a willingness to pay for these benefits if they were offered.
Additionally, only 25% receive income protection, leaving 75% of sick and/or disabled employees vulnerable. Out of the three-quarters (75%) of employees who were not offered income protection, almost two-thirds (61%) expressed a desire to have access to it. Additionally, almost two-thirds (62%) of employees with disabilities reported not being provided with income protection.
Julia Turney, Partner and Head of Platform and Benefits at the employment consultancy firm, emphasises the importance of prioritising employee health and wellbeing and ensuring that employees are protected is crucial for attracting new talent, retaining current staff and building resilience.
Source: Employee Benefits and Health and Protection.