HR Grapevine recently found that 63% of staff would leave their current employers to find an opportunity that provides better financial support during the current cost of living crisis. However, only 5% of employees believe their employer is doing enough to support them during the current crisis. With an additional finding that 85% of employees would feel more loyal to a company who supported them during the cost of living crisis, particularly in an economic environment where recruitment and retention are critical to businesses, companies should really be considering what they are doing to support their staff with the rising cost of living.
Here’s what well-known businesses are doing to support their staff
Several big name companies have publicised what they are doing to support their employees with the rising costs of living:
- Rolls-Royce Holdings are giving staff a £2,000 bonus and pay rise
- Sky News are offering pay rises to all staff as well as a cash lump sum to help ease financial burdens
- Barclays are giving 35,000 customer facing staff a £1,200 pay rise
- Slaughter and May are introducing a bring your dog to work day to help with staff wellbeing
- Sainsburys and Iceland have increased staff discounts
- Some NHS Trusts in the East of England have set up staff food banks
What can my business do?
For companies not in a financial position to increase wages or offer their staff large bonuses, there are other means available to help employees. These options may bear no additional cost to the business but still have a high value to employees. Here are some ideas that your business could consider implementing and communicating to your staff:
- Working from home / reducing commuting costs – allowing your staff to work at home will help to save your staff from the shocking petrol increases or rising train fares that they pay. Even just allowing one day working from home a week, or an additional day per week (if you already allow WFH) can make a huge cost saving for staff over the year.
- Salary sacrifice – via salary sacrifice schemes, employees can benefit from tax savings, reducing costs on areas such as pensions. Implementing salary sacrifice schemes such as cycle to work, gym memberships and technology equipment can additionally promote a wellbeing culture at your workplace.
- Financial wellbeing assistance – some Employee Assistance Programmes may already offer financial advice as part of its free support to staff. Alternatively companies can coordinate financial assistance sessions with a qualified financial adviser.
- Employee discount schemes – remind staff of any free discounts available to them. Businesses can arrange their own discounts with local business such as hairdressers, dry cleaners and independence shops. Larger employee discount programmes such as Perkbox and EdenRed will offer your staff cashback schemes, online discounts, and saver cards on everything from food shops and DIY stores, to holidays and electronics. Also consider if your own business can offer a discount (or increased discount) to employees on its own services or products.
For advice in supporting your staff during the cost of living crisis, please speak to a member of our team on 0333 400 7920 or via enquiries@nockoldshr.co.uk.