Cost of Living Rising- How can you help staff?

With the cost of living rising, many feel as though their employers should offer some help. The most obvious way to help is through a salary increase to all staff in line with inflation, however, what can you do if this is not a financially viable option for your business?

Firstly, you could enact a one-off bonus based on a set figure or a percentage of an employee’s salary in order to cover the rise in costs. This may be a cheaper option than a pay increase that you will have to stick to, however, it is still a financial contribution, and if you are unable to provide it, then you could explore other options.

For example, you may choose to allow employees to work from home where possible, which will allow them to avoid the rising expenses of fuel or public transport. If employees are just as capable of performing their jobs from their homes rather than physically at your premises, then this could be an ideal solution at no extra cost.

It is important for you as a business to consider helping employees with the cost of living crisis, as employee morale and engagement, and therefore performance, could be affected if employees are stressed or anxious about their personal finances. Employees may also be forced to look for jobs with a higher salary or more benefits in order to cover the cost of living if you do not take the crisis into account, driving up your staff turnover and potentially harming your business.