“Many employers are still feeling the effects of the pandemic and therefore may not be in a position to increase salaries for all staff and invite everyone back into the office fivedays per week. However, there are many other ways businesses can assist with the cost of living crisis and in doing so, can help prevent increased staff absences through sickness and also losing people who are vital to their business.”
1. Communicate
“Communication is always key – speaking to staff and finding out what works for them—whether they would prefer to work from home or from the office, and removing any stigma attached to conversation about money worries. There will not be a one size fits all with this, people will be affected in different ways. However, they should make managers aware that they may get questions and concerns raised to them and give them the tools to deal with the difficult conversations that may come about as a result. Employees should know that their employers are open to listening to their concerns and helping where they can.”
2. Mental health is a priority
“Further to that, employees’ mental health should be considered as well as the support and advice they can get through employee assistance programmes for example, which should be sign posted and spoken about. Again, employees should know who they can go to in order to discuss this in more detail and ensure they get the help they need. This can include counselling, wellbeing and also training and assistance in money management, budgeting, saving or debt support.”
3. Money talks louder than ever
“Where every penny counts, employees will be mindful when their appraisals and any associated pay rises should fall. The living wage should be paid in every case but pay reviews should be done on time and businesses should ensure that pay rises, overtime and bonuses are applied and paid on time and correctly.”
4. It’s not just the salary that should be competitive
“Benefits packages should be reviewed, and employers should ensure that their staff know exactly what they can get through the same. Employers can look at ways of improving their offerings too such as offering discount schemes, with other businesses – travel cards, parking discounts to assist with the cost of them visiting the office for example or gym memberships and discounts on restaurants and days out to encourage them to enjoy their time away from work and manage a healthy lifestyle. Where businesses have the means to do so, they could also offer salary sacrifice schemes, where an employee pays each month for a specific benefit, including company cars, additional pension payments, cycle to work scheme which could be very beneficial when fuel and parking prices are soaring.”