With energy bills, petrol, and the cost of food all escalating at extreme rates, it is likely that your team is going to be impacted by the current cost of living crisis. As a CEO, it is crucial that you support your team during this time, not only for them but for the health of your business. People are likely to be affected in many ways and it is important to remember that there will be mental health struggles as well as financial ones.
Here are just some ways that you can help.
It goes without saying that a pay increase would undoubtedly help right now. If this is possible for your business, then implement it as soon as you can. Understandably, this isn’t an option for all businesses. Whether you can increase pay or not, be sure to use robust payroll software to guarantee everyone is paid accurately and on time. This will become increasingly important as the cost of living continues to rise. Using such a system may also increase your company’s financial well-being in the future which could in turn benefit staff later down the line.
Salary sacrifice, often used for pensions, is a way for employees to pay for things via the company payroll. In doing this, the amount of tax paid is reduced meaning employees can save some money. If you are currently offering this for pensions, why not offer it for more services? It can also be used for transport, health care, and phone plans too.
Although it is not a tangible benefit, allowing employees the maximum flexibility possible can be very helpful during this time. Many people will be looking to cut down their living costs; this could include fewer trips in the car to use less fuel or reducing the number of hours their children are in childcare. Allowing people more flexibility to work around their life commitments or to work from home could help them to cut costs.
Providing your team with financial education can be invaluable during a time like this. As we don’t typically learn about finances in school, being taught how to budget and manage potential debt is something that lots of people may find useful. Before arranging this, be sure to check with the team that is something they would benefit from. If it is not, then the money you were going to spend on it can be better spent elsewhere.
There are often times when people are struggling but they don’t feel they are able to be open and honest about it. This is particularly true for financial issues due to the stigma around discussing money. Removing this stigma and encouraging people to talk freely about finances and any problems they may be having is a great way to ease stress and offer support.