Employers, how can you help your employees through the cost of living increase without giving them a pay rise?
There’s a challenging middle ground between the employer/employee responsibility for the cost of living increase. See our survey results here. Which brings to light the need for more support and guidance on what we can do to get through this. As an employer there’s something you can do today, to make a difference.
Much research has been conducted into the impact these economical changes have had on the general public. Which also includes the impact on their mental health. Following a study conducted by Opinions and Lifestyle Survey collected between 27 April and 22 May 2022, found that 77% of adults were worried about the cost of living increase. Therefore exposing an opportunity for employers to support their team as best they can. But how?
Benefit Schemes
Although many employers already have a benefits scheme at work, it may be worth reevaluating this to make sure it’s still a benefit to your employees. A huge 77% of employees, according to yulife, do not engage in their company benefits schemes. If you don’t have one, now is the time to do your research and pick a beneficial scheme.
Here’s some we suggest looking into;
Mental Health Support
This goes hand in hand with the employee benefits schemes. In the world we now live in, mental health is super important and something every employer needs to show their support for.
Selecting a perks scheme that includes mental health is a great way to start. However, you can go one step further and create a mental health support person within your workplace.
Usually someone within HR as they typically have the skills and qualifications needed, but you can also attend a short Mental Health course which will equip you with the tools you need to support your employees.
See the CPD Online College here.
Financial Advice
There’s lots of crossroads within finance industry and insurance is needed to give advice to employees. It’s worth being very familiar with what qualifications your finance team have and if they are able to offer employees financial support and guidance.
If no one in your team is qualified to give this advice, it may be worth considering a preferred supplier list for external sources. Such as - Pension, Insurance, Finance Advisory etc.
Once you have curated this list, be sure to communicate this to the rest of the business. Consider if there is a cost involved, if so, would you like to cover/contribute to these costs?
Salary Sacrifice Schemes
This is at your directors discretion. Speak to the relevant person before confirming this to an employee. here are certain schemes, such as the cycle to work scheme, electric car schemes, childcare vouchers etc. that can hugely help your employees. Again remember to look into the ones that will truly benefit your team.
There are many options to support your employees. The more research you do and processes you have in place, the more your team will feel valued and supported. Meaning they are less likely to leave the company.
Always remember to communicate these with your employees. Many people will not be aware of the options available to them. Set a note to revise this annually to up date changes.
Read more from White Recruitment here.