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  • Sally Brandon

How to support your employees with the cost of living crisis

Updated: Jan 18

We are all aware that times are challenging at the moment. As a business owner what can you do to help?

The answer employees want to hear is an above inflation pay rise but economists say that this will not help curb inflation and in reality it is not a solution as businesses are also struggling with spiralling costs and there is no easy answer.

So how can you help your employees

Are you able to offer any level of pay rise? Whilst it will not solve the problem every penny helps.

  • Look at Implementing a financial wellbeing policy and provide financial education

Do you offer any training on financial well-being? It might seem like implementing it now is like closing the door after the horse has bolted but it is never too late to educate employees on financial areas such as budgeting, pensions and savings.

  • Add discount schemes to your employee benefits

There are lots of platforms that offer discounts off grocery shopping, everyday items and treats (we all need a treat once in a while) that you could give your employees access to. Simple and easy to set up and your employees can benefit from savings in a number of areas.

  • Provide a free breakfast for employees working in the office

We all know that concentration is better if you have eaten breakfast so why not lay on some cereal / fruit / toast/pastries for your employees. Maybe not every day but once a week / bimonthly / monthly and turn it into an event where everyone can chat and catch up with each other rather than just grabbing food to eat at the desk.

  • Introduce a cash plan

Cash plans are a cost effective way to support your employees with medical costs such as glasses, contact lenses, prescriptions and tests of something is wrong. Minimal cost and administration to the company but a big help to employees

  • One off bonus / gift card

If you can afford a pay rise, how about a one off bonus or a supermarket gift card to help with the weekly shopping bill. It is not a long term solution but shows your employees you understand how challenging the cost of living crisis is and want to help where you can.

  • Salary Sacrifice

Can you offer anything via salary sacrifice (childcare vouchers, mobile phones, laptops, parking near work and cycle to work scheme to list a few). This means money is deducted from your employees salary for tax and NI deductions and therefore saving money.

  • Access to help and advice if people are struggling

Providing access to an employee advice helpline (EAP) gives employees another person to talk to if they are struggling with debt, legal issues and support with their mental health. EAP’s often come as part of a health care cash plan / private medical insurance so if you offer these already make sure it is accessible to all and the details are easy to find.

None of the above is rocket science and it is all easy to implement so book in a meeting today to get started in implementing something for your team and show them that you truly appreciate and care about their wellbeing.

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