When it comes to the modern employee experience, a new survey has bolstered the idea that when all is said and done, one of the best ways to drive a positive EX is by helping employees strengthen their financial wellness.

The report, “Champions of Change: How HR Decision-Makers Are Delivering Employee Experiences That Matter” from HCM provider isolved, found that 59% of organizations have given cost-of-living raises to employees in the past year, and 32% plan to do so in the near term. For its fourth annual report, isolved surveyed more than 1,000 HR leaders across various industries regarding HR’s biggest threats, successes, and opportunities.

Ongoing high inflation and uncertain economic conditions are making such salary increases especially critical for employee experience, says Amy Mosher, isolved’s chief people officer.

“When we think of a traditional benefits package, we think of 401K, PTO and life insurance, but it takes more to really engage, recruit and retain employees, especially in an uncertain economy,” Mosher says.

Improve employee finances, improve employee experience?

Mosher adds that over the last few years, rising inflation has strained employees’ financial health and resulted in a gap between employee earnings and inflation-driven costs. For many employees, she says, this gap manifests itself in the workplace through stress and increased absenteeism.

“During a time when employees continue to struggle with burnout and obstacles in their personal lives, cost-of-living adjustments can be one strategy to demonstrate a commitment to supporting employee wellbeing within and outside the workplace,” she says.

‍

Read full article here