With 80% of employees worried about their financial wellbeing, to the point it will impact their productivity at work and one in four Europeans describing their financial position as ‘precarious’, businesses are being urged to step up and support employees through the cost of living crisis.
Not only does financial stress lead to poor productivity and absenteeism (employees experiencing financial stress are five times more likely to take time off work), it also leads to a higher staff turnover. As bills mount up, employees will look elsewhere for employers offering higher salaries and better benefits. A recent survey of 25-34 year olds found 69% considered it their workplace’s responsibility to support their financial wellbeing. So what exactly can workplaces do?
Below we share some of our workplace wellbeing workshops, specifically created for supporting employees through the cost of living crisis. You’ll also find tips, advice and examples of what other workplaces are putting in place during the stressful time.
According to research by the Money and Mental Health Policy Institute, a crucial contributor to our mental health is how we feel about finances, with concerns around cash correlating with mental health impacts.
Additionally, a key component of supporting employees through the cost of living crisis is the rising cost of food. With food prices rising an average of 11.2% over the past year, the pressure is on to make savings on our food shop that count.
Bonuses, Pay rises & Work Perks
Undeniably, the most obvious ways of supporting employees through the cost of living crisis is a pay rise or a bonus. Some big companies are taking note: Virgin Media O2 are giving payments totalling £1,400 to employees earning £35,000 and under.
Meanwhile, John Lewis recently revealed that full-time staff will get a one-off cost of living payment of £500.
And banks including HSBC and Nationwide are giving the lowest-paid members of staff bonuses of £1,500 and £1,200 respectively.
If financial pay-outs aren’t possible for businesses also struggling themselves, extra work perks and benefits are also an option. John Lewis and Waitrose are offering their staff free food over the winter months. Enfuse Group are giving every staff member a £40 voucher to spend on their wellbeing. Some other suggestions of financial support include:
- Selling back annual leave
- Supporting WFH to reduce travel costs, or allow staff to travel in during cheaper, off-peak times.
- Provide interest-free loans to buy public transport season-tickets, bikes, childcare
- Ensure employees are well aware of the staff benefits available to them are all options to consider.
Our financial coach will put your employee’s minds at ease and equip them with practical advice and helpful tips to weather the storm of this financial strain. Looking at better budgeting, reducing your debt and reducing your spending, you’ll leave feeling empowered to manage your finances during this stressful time. More info.
Support your Employees to Cope with Christmas
For those struggling financially, Christmas is far from ‘the most wonderful time’ of the year. Delivered by a leading workplace mental health trainer, our workshop ‘Coping with Christmas: Anxiety, Isolation & Loneliness’ will share how to support yourself and those around you who may be struggling over the festive period. More info.