Nearly a third of employees say their salary doesn’t cover basic living costs

(2 minutes to read)

Totaljobs: ‘It’s clear that the cost of living is having an impact on businesses and their staff. We’d encourage employers to acknowledge the situation we’re in and have open conversations with their staff about financial wellbeing and remuneration’.

With many employees believing that their pay is not keeping up with rising living costs, 37% of workers are now considering changing jobs.

A new report revealed that essential workers are twice as likely to have handed in their notice over recent months, to move to a different sector because they were offered more money.

The Totaljobs research revealed that nearly half of the employees surveyed had not had a pay rise in a year, and for 42% of those who did, they reported a rise of just 5% or less.

Worryingly, as many as 30% say that their salary doesn’t cover basic living costs. As a result of this, another 30% are taking on extra shifts at work, while 17% have had to take on a second job.

Jon Wilson, CEO of Totaljobs, commented, “During the course of the pandemic, everyone came to recognise the value and importance of our key workers. Society simply couldn’t have functioned without them, and they kept this country running. However, those we stood outside and clapped for every Thursday continue to be among the worst paid in our society.

Thinking of appointing Dolan Accountancy?

Give us a call on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

Email Jaime

“This research illustrates that everyone is feeling the pinch of the rising cost of living – yet it is disproportionately felt by our key workers – to the extent that some are looking to move jobs for one that provides them with more financial security.”

As many as 84% of businesses are taking action to support their staff, for example:

  • 35% are giving everyone a pay rise in line with inflation.
  • 29% are letting employees choose where they work to help with expenditures.
  • 24% are offering financial wellbeing advice.

However, almost all employees surveyed (96%) say that they want to see more support from the government.

Jon Wilson added, “It’s clear that the cost of living is having an impact on businesses and their staff. We’d encourage employers to acknowledge the situation we’re in and have open conversations with their staff about financial wellbeing and remuneration.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

You may also like to read

Majority of UK businesses want government help with rising cost of living

As many as 80% of UK firms say that they are concerned about the impact the cost of living will ...

Read More

Trained finance professionals are a great resource for SMEs

New research has shown just how beneficial it is for employers and employees having the help of a qualified finance ...

Read More

UK SMEs losing talent by undervaluing employees

A new survey has revealed that as many as 1.3 million UK SMEs have lost talent this year – all ...

Read More

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £105 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of Contractor Umbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.
  • Same day payments- We offer same day payments as standard providing funds are received into our account by 9am, for no additional fee.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

dav1