Employers are facing a moral obligation and responsibility to help employees through the cost-of-living crisis. With the cost of energy, fuel and food soaring, salaries need to stretch further than ever. Employees are more valuable than ever before, but the cost of operating a business or company may be unprecedented, too. We want to share our thoughts on supporting employees through the cost-of-living crisis, without overspending.
Retail and Leisure Discounts
These types of offers can help with everyday spending at supermarkets and high street stores. Cashback is often an option too, to help employees re-claim some of their hard-earned money.
In the current economic climate days out, treats and holidays are the first financial burden to be cut; negatively impacting the wellbeing of your employees. However, retail and leisure discounts can help employees to still afford purchases and activities that provide quality time with family, friends and loved ones.
Annual leave purchase scheme
When employees do not recharge their batteries, they are at risk of burnout which can result in short-term and long-term health implications. An annual leave purchase scheme can help employees gain extra down time or assist caregivers manage the cost of childcare during the school holidays.
Cycle to work scheme and Season ticket loans
Cycling to work offers employees a zero bill for fuel and parking. With the average cost of filling a family car now around the £100 mark, this is an attractive solution.
In addition, those interested in public transport have the option to have their ticket paid for in advance, with funds being recouped from their salary. This is a very budget friendly way for employees to afford their commuting costs.
Hybrid working and Flexible hours
Working arrangements like these can be invaluable to those with caregiving roles where alternative care may prove too expensive, for those relying on unreliable public transport, or those relying on transport affected by strikes.
Knowledge is power. Consider providing knowledge and tools for financial understanding. For example, our financial education has been designed to help with basic budgeting tips as well as understanding the importance of pensions, and information on investments. Our editable tools provide employees with a tangible way to take control of their finances.
Finally, and the very least, make sure your door is always open. Your employees should feel safe and confident to approach you with questions and concerns. An open-door policy (or virtual open-door policy) might be useful.