Cost Of Living Crisis – What can employers do to help?

Aug 1, 2023

Cost Of Living Crisis

 The last few years has been a challenging time everyone. The latest challenge has been the cost-of-living crisis in the UK. Many employees are finding it harder and harder every day to keep up with basic home bills. Even doing the weekly food shop is becoming quite stressful for some people with food prices impacting that families can afford. As the cost-of-living crisis raises, more employees are likely to experience financial difficulties that may affect their mental health. This is likely to influence issues such as attendance and performance in work skills. Here are a few things to take into consideration.

Hybrid working. It is important for companies to communicate how flexible working arrangements are decided. Letting employees working from home can help employees reduce their household costs because they are saving on their commute cost which over time can really add up.

Training and development strategies. Helping your employees develop new skills and take on new roles and responsibilities. Learning benefits both the employee and the business. Employees believe training opportunities have a strong influence on their dedication to their job and their employer.

Offer financial support. When an employer can support their staff in offering advice on budgeting and saving. Helping your staff manage their money and make the most out of their salary would be beneficial for the employee. This can help ensure your employees feel in control of their finances.

As the cost-of-living crisis continues to impact both businesses and their employees, it is so important for employers to consider what their staff value is and to really prioritise that. Many businesses are not able to afford pay rises but different ways of support can really help people in need right now.