The cost of living crisis can be a difficult issue for employees to navigate, but there are some steps that responsible employers can take to help support their employees. Here are a few ideas:
- Increase salaries: Consider increasing salaries to help employees keep pace with the rising cost of living. This can help reduce financial stress and increase employee retention. A small reduction in employee turnover can more than compensate.
- Offer flexible schedules: Offer flexible schedules or remote work options to help employees save money on commuting costs and childcare expenses.
- Provide financial counselling: Signpost team members to our Member Assistance Program that offers free financial counselling services to help employees manage their finances more effectively. This can include assistance with budgeting and debt management.
- Promote money saving tools such as our free cashback card. With regular usage cardholders can save more than £500 per year on their weekly food shop, home improvements, tech and dining out.
- Shout about employee benefits that help with the cost of living such as discounted shopping vouchers.
By taking these steps, employers can help support their employees and mitigate the impact of the cost of living crisis on their finances. It's important to approach this issue with empathy and understanding, and to work collaboratively with employees to find solutions that work for everyone. Let them know they’re not alone, provide support where needed and focus on staff retention.