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With the cost of living still very much on the rise, it is important to look out for your employees as a manager and make sure they are getting the support they need. In this quick-read article, we take you through some suggestions on how to help your workforce navigate the cost of living crisis.
Consider flexible working
If flexible working is a feasible option for your team, then consider implementing it. Not only will this improve the mental wellbeing of your employees, but also allow them to choose the cheapest option for them, whether that’s working from home to avoid travel costs or coming into the office to avoid using energy at home.
Do your staff get paid fairly and in line with the cost of living crisis? If you haven’t reviewed pay brackets for a while, now’s definitely the time.
Employee discount schemes
If there is little capacity to offer employees a pay increase, the second best option is to provide employee discount schemes, such as gym membership discount, food vouchers and travel cards. It may not feel like much, but it could really make a difference to those struggling.
Not everyone is money-savvy and that’s OK but in a time of such economical uncertainty it might be worth offering your employees a finance advice course or recommending apps to help them manage their money. As it’s a sensitive topic, we recommend sending this invite/advice as a general company email rather than bringing it up 1:1. That way, the option is there for those who need it.
If you’re planning on having a social, make sure it’s easy to get to and not held at an outrageously overpriced venue. Or, even better, have food or drinks in the office so that it is accessible to everyone and low in cost.
Talk about it!
We get it, talking finance can be awkward – but it doesn’t have to be. Remove the stigma and be open about the cost of living crisis by letting your colleagues know where support is available. This will also hopefully encourage people to come forward with any financial worries and not suffer in silence.
Creating a safe and supportive environment where colleagues feel comfortable voicing their concerns around the cost of living crisis will help create a happier workforce and make your company an even better place to work.