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Supporting employees through the cost-of-living crisis
by Polly Rathbone-Ward , Director , Rathbone HR Solutions
The rise in cost-of-living is something that has been widely reported in the media of late , however recent surveys show that one in five workers feel their employer is not yet doing enough to support or consider their financial wellbeing .
With soaring energy , food , transport and housing costs , many individuals and families across the UK are struggling , it is highly likely that there are individuals within your workplace experiencing worrying financial difficulties . It ’ s clear that employers do have a responsibility to support colleagues who are struggling financially .
Here are some practical ways that employers can support employees to achieve a decent standard of living .
• Pay a fair and liveable wage , this enables people to meet the true cost of living
• Offer benefits that provide financial assistance such as discounts or reimbursements for everyday costs
• Raise awareness of any benefits available and clearly inform employees how they can make the most of them
• Consider offering enhanced wellbeing policies , e . g . enhanced sick pay
• Implement a financial wellbeing policy and practices to help normalise the topic and demonstrate a formal commitment to supporting financial wellbeing
• Upskill managers to have conversations of concern and empathy with their teams , to help reduce stigma around money worries
• Encourage managers to have conversations around career progression as part of their one-to-ones with team members .
• Signpost employees to further free and confidential advice around money and debt , such as the Money and Pensions Service
The moral and business case for supporting financial wellbeing have never been stronger . Poor financial wellbeing affects health in terms of higher stress and anxiety , which in turn affects productivity . The earlier employers act , the less likely it is that money issues will impact wellbeing and productivity .
According to the CIPD , 65 per cent of employees surveyed say that it ’ s important that their future employers have a financial wellbeing policy in place . This addition is likely to have a positive impact on an organisations attraction and retention strategies .
Based in Bath , Rathbone HR Solutions provides strategic and operational HR support for small and medium sized businesses .
Established by Polly Rathbone-Ward in 2018 , the firm is passionate about providing practical , professional HR services . Polly is the Co-Founder of the Bath HR network and works with clients along the M4 corridor .
To find out more visit : www . rathbonehrsolutions . co . uk or email : polly @ rathbonehrsolutions . co . uk
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