With the Chancellor's statement on Thursday expected to be a difficult listen, the cost-of-living crisis continues to attract headlines. As the press reveals on a daily basis, many employers across the board are taking proactive steps to support their staff during these difficult times. However, with businesses also facing rising operational costs some employers may be constrained in what they can offer.
Whilst higher than usual pay increases and one-off lump sums are one way of helping employees, there are other options available to employers which have lower or even no hard costs attached. For example, allowing an employee to flex their working hours may enable them to save on childcare costs. Another option worth considering is whether you can allow employees to take a second job - many employment contracts prohibit employees from having a second job as a matter of course but it may be that you can relax these restrictions on a temporary basis.
You can find out more about how these options might work in practice and read about other initiatives which might work for your organisation in our guide for employers which we have put together using our knowledge from talking to and advising our clients as well as from what we know is happening in the market more widely.
You can access our guide here.
Whilst higher than usual pay increases and one-off lump sums are one way of helping employees, there are other options available to employers which have lower or even no hard costs attached.