The cost of living crisis: five ways employers can help their workforce

Last month, we reported that the law firm, Irwin Mitchell, had decided to pay most of its staff a one-off bonus of £900 to assist them with the cost of living crisis. Now, Sainsbury’s has announced that it is increasing the wages for some workers for the second time in four months, as it will now pay the real Living Wage.

Aside from cash, how else can you help?

Create more benefits

We’re all different. Ask your people what they need? Consider:

  • Compressing working hours
  • Offering dental care
  • Loans to help with transport
  • Buying or selling annual leave

Support mental health

Your people will be worried about how they will support themselves and their families. Give them someone to talk to confidentially and get help if they’re struggling. This might be trained mental health first aiders, an Employee Assistance Programme or scheduling regular ‘check-ins’. This will help create a culture where your employees are comfortable discussing their mental health.

Pool resources

Create groups to share resources such as recycling uniforms, unused equipment, or carpooling. Encourage people to support each other by hosting lunchtime walking groups or hosting discussion groups.

Be flexible

Carefully consider requests for greater flexibility due to increasing financial pressure. Listen to requests for more home working to reduce fuel costs, more overtime or increased working hours.

Financial training and budgeting

Offer financial training and budgeting support to those who need help to manage their finances. We all need help at times. This will help to remove the stigma associated with raising financial concerns at work.