More than one in three employers suspect their employees have taken on a second job as cost of living pressures increase, according to a survey from Partners&.
The intermediary’s survey of 169 senior HR, finance, and C-suite professionals found 36% were either aware (17%) or suspect (19%) that their employees are working in a second job in response to the cost-of-living crisis.
Employers overwhelmingly (85%) believed that there was more risk for the primary employer when employees were also working in another job. Just 9% of employers felt there were no extra risks to their organisation.
A similar percentage (31%) had seen no change from previous years, with 8% indicating that their contracts of employment specifically excluded employees from working concurrently elsewhere.
The survey also found fewer than one in three employers (32%) were expecting to follow their usual pay awards process in 2023.
The same number expect economic conditions to reduce pay awards this year, with 16% only able to offer awards on a case-by-case basis, and 8% unable to offer awards for all employees.
However, more than half of employers (55%) expect to add to headcount in 2023 than last year, with just 11% expecting employee numbers to contract in the next 12 months.
Steve Herbert, wellbeing and benefits director at Partners&, (pictured) said: “With many working families being exposed to unprecedented cost pressures, it is no particular surprise to find that some employees are seeking a second or even third job to help make ends meet.
“While that is entirely understandable, it nevertheless exposes the primary employer to potentially greater people risks.
“These are economically tough times for the United Kingdom, and employers will be doing all they can to continue trading profitably while also supporting their workforce.
“We would certainly encourage employers to utilise all the – often hidden – tools available within their employee benefits package to support employees. We would also suggest that the addition of a low-cost financial wellbeing support package could make a tangible difference to employees throughout this difficult period and beyond.”
