1、Supporting your people through cost of living increasesThe Cost of Living Crisis ReportThis report is presented byReward Gateway The Cost of Living Crisis Report2Table of contentsSurviving the Inflation Squeeze 3The War for Talent intensifies 3Recalibrating for the road ahead 4The Evolving Dynamics

2、of a Global Workforce 5Insight#1:Cost of living increases are taking their toll on work 5Insight#2:Must-haves for employees are shifting 6Insight#3:Employees are getting back to basics 9The Keys to Attracting and Retaining Top Talent 10Meeting employee needs outside of pay increases 10Insight#4:Peer

3、 recognition is still the most important reward 11Insight#5:Rewards for effort are highly valued 12Insight#6:Employees want access to financial wellbeing resources 13Insight#7:Communicating available benefits is critical 14Support Employees and Strengthen Your EVP 15Rewarding Programmes,Professional

4、ly Run 17Reward Gateway The Cost of Living Crisis Report3Wages are,in fact,increasing:Average employee regular pay grew 4.2%from January to March 2022,5 with a whopping 7%growth in total pay(including bonuses).But employees are finding that any wage boosts their companies are able to afford are bein

5、g outpaced by inflation.64.2%7%Surviving the Inflation SqueezeAs the world reels from the impact of the pandemic,global conflicts and economic turmoil,the cost of living is spiralling up,and fast.Driven by inflation rates at 40-year highs1 and predicted to surpass 10%this year in the UK,2 the cost o

6、f consumer goods,raw materials,transport and energy is sharply upturned,with the average annual UK energy bill set to rise by 800 this October.3Skyrocketing costs are locking employers and employees in a delicate dance.Companies are feeling significant financial pressure as bills mount.Nearly 70%of