Help employees with the cost of living with our practical tips
As the Cost of Living Crisis continues to cause misery for many, is it any surprise that financial security tops the list of issues employees are concerned about?
The story so far
With inflation at a 40-year high, there is no doubt that the cost of living is having a profound effect on employees. Soaring housing prices, escalating utility bills, and increasing transportation costs are squeezing their budgets. With stagnant wages unable to keep pace with inflation, employees face the challenge of making ends meet and providing basic necessities, such as putting food on the table. Many families are being forced to rely on local food banks as the Crisis continues.
Unsurprisingly, this financial strain is leading to stress, anxiety and a diminished quality of life.
Many employers want to know how to improve the wellbeing of their employees in a meaningful way. In this blog article, we will provide practical tips to help employees with the cost of living.
1. Foster Financial Education and Awareness
According to the Money Advice Service, 39% of adults in the UK don’t feel confident in managing their money and 11.5 million have less than £100 in savings. One of the most effective ways to help employees deal with the cost of living is to provide financial education and promote awareness.
Offering workshops or online resources on budgeting, saving strategies, and smart financial planning can encourage employees to assess their spending habits and set realistic financial goals.
By equipping them with knowledge and skills, you empower employees to make informed financial decisions and optimise their financial resources.
2. Promote Work-Life Balance
Balancing work and personal life is essential for employees facing the Cost of Living Crisis. Small changes such as supporting flexible work arrangements, such as remote work options or flexible scheduling, can make a big difference. This flexibility enables employees to save on commuting costs, reduce childcare expenses, and have more time for personal commitments.
By prioritising work-life balance, you create a supportive environment that helps employees manage their financial obligations while maintaining a fulfilling personal life.
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3. Make pay go further
Another way to help is by reducing your employees’ outgoings through easily implemented employee benefits, such as retail discounts.
This benefit gives your staff access to savings at hundreds of retailers to help stretch their pay further. From groceries to wellness products, travel, and electronic goods, employees can start to save money right away on things that they are already buying in-store and online.
Using retail discounts, an average annual saving can be as much as £2,560. Your employees can save up to 7% off supermarket weekly shops, 40% off cinema tickets, and 30% on clothing and shoes. In addition to any discounts that are offered, users can also earn an additional 3%-20% cashback on many brands.
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4. Explore Egifting as a valuable solution
Egifting, or electronic gifting, is a practical and meaningful solution to help employees with the cost of living, providing immediate financial relief.
Egifting enables employees to make necessary purchases, freeing up other funds for utility bills and other expenses. The vouchers allow them to choose from various stores, allowing employees to stretch their budgets and make cost-effective choices on products such as cosmetics, clothing and more.
By making small savings on routine purchases, employees can stretch their budgets and experience increased financial security. Even seemingly small savings on routine expenses can add up over time, providing employees with additional financial flexibility and peace of mind.
With the ability to personalise the gift, you can show employees that they are not just another cog in the machine, but that they are valued as individuals.
Want to learn more? Find out here.
Small steps can make a big difference
It is essential for employers to understand how to improve the wellbeing of employees in the midst of the Cost of Living Crisis. By implementing practical tips such as fostering financial education, promoting work-life balance, and exploring gifting options, you can empower employees to navigate the financial challenges they face.
Remember, by supporting their financial wellbeing, you create a happier and more engaged workforce.
