With no sign of a reduction in living costs, this could have a dramatic impact on your employees as they may be struggling with financial worries and their ability to pay their bills.
 

Here’s our top tips:
 
Tip 1 – Bonuses – Some of the big banks have offered employees bonuses of up to £2,500, while one food company offered employees an 11% pay rise to offset living costs.  A retailer offered free food to all employees between October 2022 and January 2023 to help employees during a busy Christmas period.  If your budget doesn’t stretch that far, maybe think about offering a small monthly allowance over the winter months to help your employees with their energy bills. 
 
Tip 2 – Expenses – Allowing expenses to be claimed weekly rather than monthly will help ease your employees cashflow concerns. 
 
Tip 3 – Debt Management/Counselling Support – Often with benefits schemes free debt counselling advice or employee discount schemes can provide some free and practical support for workers.

By implementing some of these suggestions, it could ease the pressure for your employees during these difficult times.

If you need any help/advice, please don’t hesitate to get in touch.