As the cost-of-living continues to rise, it’s important for businesses to consider the impact of these increases on employees. It’s not just about pay rises. Businesses can provide a number of other services to teams that provide much-needed support over the challenging and uncertain months ahead.
3 ways to support your employees throughout the cost of living crisis
Provide financial education
Whether you choose to run workshops, direct employees to online budgeting courses, or provide a library of useful tools and templates; providing additional financial education allows employees to gain the essential skills and knowledge they require to make better financial decisions when coping with tighter budgets.
Financial wellbeing plays a key part in an individual’s mental health and is important to include in any employee strategy in order to maintain a happy, healthy and engaged workforce. With only “44% of organisations offering programs to help employees make more informed financial choices” (Employee benefits), businesses have the opportunity to stand out from competitors and improve employee engagement and retention.
Be transparent and flexible
Adopting a transparent and flexible leadership style is key in creating an environment where people feel confident to discuss private and sensitive matters. Employers should offer sufficient support for employees to ensure that they feel comfortable to discuss any concerns – including financial – in a safe and confidential space.
Whether you choose to operate an ‘open door policy’ or direct your employees to external support platforms such as the Money and Pensions Service; openly communicating with employees can help to distinguish the needs of an individual and how you can best support them going forward.
You may find that some employees benefit from being able to work from home in order to cut back on costs of travel, whereas others may prefer to work from the office to save money on utility bills at home. Either way, ensuring your business is built to accommodate the needs of your employees is a sure-fire way to maintain healthy work-life balances, reduce stress and increase productivity across the business.
Offer an Employee Benefits Scheme
Employee benefit schemes are proven to drive employee engagement, boost productivity, morale and wellbeing (Perkbox).
By expanding employee benefits packages to include perks such as interest free transport loans or salary sacrifice schemes - for instance the government’s cycle to work scheme - employees struggling with rising fuel prices and transport fees can seek some relief to their monthly costs.
Such schemes are not only beneficial in offering the flexibility of spreading costs across monthly payments, but also provide the opportunity for individuals to enhance both their physical and mental wellbeing.
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Similarly, employee benefit and reward platforms such as Perkbox and Remus Rewards are designed to offer financial support to employees through discounts on retail stores, technology and personal insurances. With access to EAP’s, online fitness classes and other wellbeing services - by enrolling in a rewards platform, businesses can go the extra mile in offering financial relief for staff struggling with the rising cost of living.
To view more ways to support employees through the cost of living crisis.