Cost of living crisis: how can you support your employees?
With the cost of living skyrocketing in recent months, employees and employers alike are facing greater financial challenges. In many cases, despite efforts to increase employee wages, employers are unable to keep up with soaring inflation rates, and so may need to look at other ways in which they can help their staff.
That’s why we’re here to help with our top 5 tips on how to support your employees during the cost of living crisis…
1. Flexible working
As we are adapting to life post-Covid, more and more companies are returning to “normal” working life in the office.
Given the rise in utility costs, for some employees, particularly those who may live closer to work, this could be a great way to save money on gas and electricity.
However, for those employees who might face a longer commute, the rising fuel prices can make working onsite very costly, and so remote working may be preferred.
It is, of course, impossible for employers to cater to every unique circumstance, but giving your employees more flexibility between remote or office-based working may help reduce work-related costs in the way that best suits their situation.
2. Financial education
Personal finances can be something that we often feel uncomfortable discussing, particularly in the workplace, which means we can also overlook education in this area. Because of this, in high-pressure, difficult circumstances, it is easy to make rash decisions, rather than planning ahead for the future.
To help staff make more informed choices and long-term plans, employers could offer skills sessions, or advice, related to personal finances, such as how to budget or what to do if you find yourself in difficulty.
3. Wellbeing services
Open and honest communication about finances in the workplace can not only help your employees develop financial skills, but it can also help to relieve any emotional or mental struggles caused by increased financial pressure.
According to mind.org, financial hardship and associated worries can significantly impact our mental wellbeing. It’s therefore important that employers provide emotional support, perhaps through signposting external resources, offering internal wellbeing services or funding vouchers for counselling.
4. Salary sacrifice
The cost of living crisis is making it much harder to afford everyday necessities, however, enabling your employees to buy items before being taxed, through salary sacrifice schemes, can be a brilliant way to reduce financial strain. These salary sacrifice arrangements could include car parking, gift cards, childcare vouchers or the Cycle to Work scheme, which could also benefit those who are concerned about commuting costs.
If there are already salary sacrifice schemes in place within your organisation, it would also be worth reminding your employees of these, and making clear what is available to them and the financial benefits they offer.
5. Discount platforms and financial rewards
Finally, you could also remind or introduce employees to any discount platforms your organisation may use. It is often easy to forget about these apps or websites, but they can really help to save money, even if just in small amounts, across a wide range of products and services.
Or, if you’re looking to give your employees a direct financial boost, our Asda for Business gift cards are the perfect option.
An Asda “perks at work” gift card or e-gift card is much more than an employee reward or benefit – it can be anything your employee wants or needs…a meal, the weekly shop or school uniform for the kids. Rewarding your employees with an Asda gift card lets them choose from thousands of products, in over 600 stores nationwide, or online at george.com and asda.com, allowing you to support your staff wherever they need it the most.
Find out more here.