Everyone is aware of the challenges we are facing with the rise in the cost of living. Unsurprisingly, many people are feeling anxious. and uncertain about what the winter months may bring. From price increases in the weekly shop, energy bills soaring, petrol more expensive than ever and public transport costs through the roof, it isn’t difficult to understand why people are concerned.
As an employer, have you thought about the impact this could be having on your employees and if so, has it left you wondering what you can do to support them? You may also feel uncertain as a business owner about what the next few months may bring for you butthere are many things that we can help you consider, that may save you money in the long term and help you lead your employees through the cost of living crisis.
Everyone is trying their best to cut back on spending, and this is likely true across many businesses as well. However, It isn’t just the financial toll that is difficult, the impact that this may have on everyone’s emotional and mental wellbeing should not be underestimated. . But be rest assured, there are some amazing concepts and/or ideas that we can implement which we hope will help ease everyone’s peace of mind!
Before we consider plans for future implementation, it is important that employers consider how they support employees and understand their employee wellbeing and mental health at present.
For example, does your organisation have access to an employee assistance programme, where employees can have access to support 24 hours a day? If not, this is a great resource to consider as it allows employees who are struggling with finances, wellbeing issues or personal circumstances to get support. It also provides them with space to deal with any issues and hopefully in turn will have a positive impact on the business, with less absenteeism.
Secondly, you could implement policies to help employees who are struggling financially, whether this be through a financial hardship loan, season ticket loan or help with bills by introducing cost of living bonuses. It is important to note that these might not be feasible for every organisation but is just another example of ways in which employers can look to support employees by taking financial pressures off them. For example, if organisations are able to pay a season ticket loan for travelling upfront, it can be a huge relief. In addition, offering staff free meals, or reductions on meals are also great ways to support your employees.
At Gravitate HR, we can help talk through what might work best for your business and we can explore ways which we can support you as well as your employees.
As an employer, there are a number of things that you may wish to consider as part of your business structure over this uncertain period of time and we can help you make sure you get these things right for your organisation. For example:
- Do you have a bonus policy that may need changed to reflect the current situation with the cost of living or are you looking to implement one?
- Have you considered an energy saving policy?
- Have you thought about a financial wellbeing policy?
- You may be feeling that things are difficult just now for your business and may wish to consider preparing your business for turbulent times.
- Do you think your policies reflect these times?
Times are really difficult just now, and it is important that you look after your business and your employees. One of our HR Account Managers can talk you through ways in which HR can support you with all of points that have been highlighted above and make sure that as an employer you are considering everything you can to help your people navigate their way through these challenging times.
