Written by Sam Dow | 21st February 2023

With pay increases not possible for every business, employers are having to look for other ways to help employees tackle the rising cost of living.

We are seeing a number of employers getting creative with the support they can offer their people. Employee Assistance Programmes and training can go a long way in demonstrating support, while making employees feel valued and invested in – which can contribute to retention.

Here are some benefits and rewards that you can offer, that will help your employees’ money go further.

Career progression

A report by Totaljobs found that in the UK, 47% of workers are living ‘payslip to payslip’, with 36% saying their current salary doesn’t enable them to have a good quality of life.

While a pay rise in line with inflation would help to better manage the rising cost of living, this isn’t possible for everyone.

Help your employees in the long-term by supporting their progression up to higher paid roles, helping them to increase their income while also improving the likelihood they will stay in your business. You should do this by increasing the opportunities for training and development, that could be through your managers or outsourcing training to another provider.

At your next meeting and going forward, make sure employees understand exactly what they need to do to progress and provide them with ongoing support to achieve their goals.

Health and wellbeing benefits

As costs rise, so too will your employees’ stress levels. 39% of people have worries about heating, paying bills or perhaps having to use a foodbank for essentials supplies and it’s affecting their wellbeing.

A physically and mentally unwell workforce is likely to take more sick days and struggle with their performance, however, you can help reduce the impact of this with the right wellbeing benefits.

We suggest reviewing your current health and wellbeing benefits and finding out if your employees are taking advantage of them. Ask them what they use through a survey or focus group and identify any gaps. This could just be a gap in communication, if you’re employees aren’t aware of certain services you offer. If you discover your benefits don’t quite hit the mark, try looking at alternatives.

Consider your employee needs – would they benefit more from extended healthcare support for their families? Health education and support programmes and access to health screenings are just two examples.

Health cash plans, where people receive cash back every time they pay for routine medical treatments (prescriptions or dentist etc) may receive better take up and engagement than something like a gym membership.

Employee Assistance Programmes

Generally, Employee Assistance Programmes or EAPs give your teams access to, confidential advice, services and resources aimed to improve their overall experience in and around the workplace.

This could be through telephone helplines offering support on a wide range of work or non-work-related issues, including personal, family and financial issues.

Many EAPs include a health and wellbeing assessment, this helps to direct individuals to the services that will be most valuable to them. This could include:

  • Counselling services
  • Financial advice and support
  • Specialist coaching or mentoring
  • Support with care responsibilities e.g., childcare vouchers

Some of the biggest drivers for absences at work are illness, burnout, childcare issues and family situations. Many of these can be reduced by benefits for employees included in an Employee Assistance Programme, reducing distress suffered by the employee and the negative effects of employee absence on the business.

Flexible working

As an employer, are you as flexible as you could be? Do employees feel comfortable asking to start work later or leave earlier because of another commitment?

Allowing employees to choose when and where they work to flex their working pattern around their life, can support engagement, retention and improve their wellbeing.

In addition, working from home, can help employees save money on travel.

Many employees would benefit from this but may not feel comfortable asking you or their line manager. Starting these conversations and asking your employees if they would benefit from more flexibility, shows them that you value them and trust they will be just as productive.

You might also like to pilot summer hours, where employees finish a few hours early on a Friday – or day of their choice. Introducing shorter hours, can improve staff wellbeing and have a significant impact on recruitment and retention.

This goes for other paid leave benefits, such as a four-day week (with no loss of pay), additional paid leave at Christmas, paid time off for birthdays and life events or increased holiday entitlement. A buy and sell scheme for holiday, could ensure flexibility so those that want more holidays can have it, but those that value money over time off can choose that.

 

To have the greatest impact and reduce the burden of the cost of living you must understand what employees want or need to suit their own personal circumstances. Managers need to be empathetic and approachable, and really listen to their team members who are struggling so they can identify the best ways to support them.

For advice on our HR outsourcing services or producing a comprehensive benefits package and supporting employees through the cost of living crisis, get in touch with our team at info@realityhr.co.uk.

To learn more about the financial benefits you can offer your people, read our blog with Geoff Day, Owner and Director of Wilcox Day Management.