What Should Employers Be Doing During The Cost of Living Crisis?
It’s difficult to avoid the fact that there’s a cost-of-living crisis in the UK right now. And it appears that this will not only be the case in the short term. It’s likely that it will last for a sustained period.
As an employer, it is hard to know what you should be doing for your employees and when. However, it’s important for the morale of your workforce that you do something because, according to various recent studies, nearly ¾ of employees have said that they believe their employer has a social responsibility to them.
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According to a survey by Totaljobs 37 per cent of employees are considering a job change in light of rising living costs.
With inflation levels at a 30-year high, the extra financial burden is hitting many hard. Covering the cost of essentials such as food, clothing, energy and transport is leaving many short at the end of each month.
Such factors can weigh heavily on workers’ minds. Research by Aegon learnt that poor financial well-being costs UK employers £1.56 billion annually. This stemmed from ill health-related absenteeism and distraction. Therefore it’s not only the caring thing to do but it makes good business sense as an employer to take steps to support your employees.
Here are some tips to consider…
Be Approachable
Encourage staff to speak about their problems. At the very least you can always direct them to free, impartial support, such as the Money and Pensions Service.
Communicate
Paying a fair and liveable wage is a minimal expectation. But companies with the most productive workers are often the most transparent about their financial health. Keeping employees properly in the loop allows them to make informed decisions about their long-term future. Rather than jump ship, they may decide to help you through choppy seas.
Be Flexible
Some employees may benefit from working from home more by saving on travel costs. Others may want to work from an office to avoid increasing home energy bills.
Consider A Benefits Scheme
Employers can help reduce certain employee costs by reviewing their current benefits scheme. This term can include providing: easy access to medical appointments, medical and dental plans, interest-free loan on annual travel tickets, cycle-to-work schemes and other salary sacrifice arrangements such as car parking, home computers, gym memberships and personal learning.
It might be worth speaking to your employees to learn what they would be most interested in.
Financial Education
Poor financial well-being can lead to poor mental health. Highlighting staff the existence of useful tools like financial calculators and budgeting templates can make a big difference. Additionally really useful exist online covering topics such as budget making and keeping, managing debt, establishing emergency funds, home buying and retirement planning.
Through this type of support, your employees are more likely to be motivated, productive and loyal. Don’t let your organisations risk an unengaged and distracted workforce. Try your best to help alleviate cost-of-living concerns
How does protecting your business have a positive impact on your employees?
Another thing you can do in the short term is to reduce your costs and protect your bottom line. This will allow you to free up short and medium-term capital. This can then be used in other areas of your business. You can also partner with an insurance broker that provides additional products and services, such as HR and H&S assistance which can further reduce outgoings and give you the tools and expertise necessary to keep ahead of the curve in protecting your business for the future.
It is also worth noting that concerns over job security can play a major part in an employee’s potential struggles with anxiety. Protecting your assets and reducing operating costs is a vital step that any business owner can take which has the knock-on effect of providing further job security for your workforce.
How can Plan Insurance Brokers assist you with your insurance arrangements?
At Plan Insurance, we understand the fundamental building blocks of a bespoke insurance programme which not only protects your assets but your bottom line and reputation too, underpinning the value that keeps businesses running smoothly.
We can provide you with a full, in-depth and impartial review of your existing insurance programme – ensuring that you are protected against the risks your business faces. With exclusive, and extremely competitive rates, we know we can save many businesses ££££’s by conducting such a review. If you have long-term relationships in place with your incumbent provider(s) we can also approach this with a ‘Stealth Market Review.’ This will ensure that your existing relationships remain unaffected. Confidentiality is key to this process and our goal is not to impede your progress but to hasten it.
What should you do next during the cost of living crisis?
For an impartial, confidential review of your insurance arrangements, contact us here today and our team will conduct a full review of your cover, allowing you to focus on other important areas of running your business.
