Supporting employees through the cost-of-living crisis is an important part in promoting their health and wellbeing. Helping employees to manage these concerns can also help to maintain (or even increase) productivity. An obvious solution during the crisis would be to increase wages to ensure employees receive a fair and living wage, and this is of course something that businesses should consider. Unfortunately inflation is currently so high that few employers will have the luxury of simply being able to increase wages indefinitely. There are a range of other actions that employers may consider taking to help support their employees’ financial wellbeing, which include:
About the contributor In her role within Harrison Drury's employment team, Helen Russell provides clients with practical advice, guidance and coaching covering everyday HR issues which all employers encounter. Harrison Drury also offers HR Compass, an employer protection scheme offering external HR services which enables businesses to maintain a lean operation while being able to scale quickly to the demands of their business. Harrison Drury is a member of Boost & Co.
Boost is helping Lancashire businesses. We have a range of funded support programmes and a team of business advisers you can talk to. To speak to someone from the Growth Hub about business support, contact Boost online or call 0800 488 0057.