How Employers Can Address the Cost-of-Living Crisis

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The cost-of-living crisis can affect your employees massively in such a quick amount of time. Inflation is impacting everything from petrol to energy prices. Your employees may be under a lot of stress and finding it hard to cope. Here are 5 ways to support and help within different conditions.

Allow flexible and remote working

Remote working, even one day a week, could make a significant difference to a person’s financial situation, saving on the cost of fuel or public transport. Remote workers would also benefit from other forms of cost saving including food, clothing, childcare, and pet care.

Health and wellbeing services

“Poor mental health can make earning and managing money harder. And worrying about money can make your mental health worse.” A caring employer should offer a range of effective workplace mental health programmes available and ready to access remotely.

Provide debt support

Many companies offer financial education seminars on debt management to help employees understand how to manage and pay off debt, and what help is available. Some companies now also offer loan consolidation through payroll, to support those who need help paying off their debts.

Providing food at work

Something that is easy to introduce, and which may have a significant impact on your employees is to provide food at work. This approach provides more value for the financial investment involved than one-off cash payments, as money spent on food for employees is not subject to tax and national insurance.

Help Employees Save By Offering an Employee Discount Scheme

An employee discount scheme is a great benefit to offer. It can help reduce some of the financial pressure your staff may be experiencing.

Staff can get access to discounts at a wide range of retailers and save hundreds of pounds a year. For example, a household spending £400 a month on groceries could save up to £336 a year through a discount platform.

Remember that communication is key between employers and employees.

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