New survey shows how London’s businesses support staff during cost-of-living crisis

Two-thirds of London’s businesses are offering extra support to staff, outside of pay, to help them through the cost-of-living crisis. That’s according to a new survey from the capital’s leading business campaign group, BusinessLDN.

With economic growth “flat”, the survey of more than 1,000 London employees out today, reveals that 65 per cent of firms are supporting staff with benefits including flexible working and vouchers during the cost-of-living crisis.

The most common benefit London’s businesses are offering is flexible working, available to 34 per cent of workers surveyed, followed by mental health support (18 per cent), supermarket vouchers (17 per cent), free or subsidised food (15 per cent) and travel vouchers (14 per cent).

In terms of what staff value the most, supermarket vouchers (50 per cent), utilities vouchers (37 per cent), travel vouchers (36 per cent) and flexible working (34 per cent) came top of their wish list. Almost a third of London’s employees would value private healthcare and 1 in 5 employees would value mental health support during the cost-of-living crisis.

Of those Londoners surveyed that have the choice about where they can work, two-thirds (66 per cent) said they are more likely to work from home during the cost-of-living crisis to save money, compared with just over a quarter (28 per cent) who are no more likely to work from home (6 per cent were unsure).

73 per cent of 18–24-year-olds would choose to work from home, compared to 40 per cent of those 55 and over.

John Dickie, chief executive at BusinessLDN, commented: “Helping staff through the cost-of-living crisis is weighing on the minds of London’s business leaders. Firms are sourcing creative ways to support their staff beyond pay, such as providing vouchers to help with rocketing utility, travel and supermarket bills.

“It is not surprising that two-thirds of Londoners, who have the choice, intend to work from home more to save money. While potentially good for individuals’ budgets, fewer people travelling into the city will hit hard-pressed hospitality and retail sectors and some businesses will be concerned about a potential fall in productivity.

“The Government needs to ease these pressures by reforming transport fares, tackling childcare costs and maintaining energy support.”

By Matthew Neville – Senior Correspondent, Bdaily

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