It’s no secret that the cost of living crisis is hitting everyone hard. With drastic UK inflation and soaring energy bills alongside stagnant wages, people are struggling to get by. No matter how much employees enjoy their job, money is on everyone’s mind. The supermarket shopping budget doesn’t stretch as far as it did a year ago, and with no definitive end in sight for this economic turmoil, people are weighing up their options. Should they leave their job to pursue a higher salary and better benefits elsewhere?
Here’s what you as a HR professional can do to ease your employees’ financial stress if salary increase and bonuses aren’t feasible.
How you can help your employees
We all want our employees to be happy and comfortable, but getting through the workday whilst panicking about energy bills and groceries isn’t easy. If you’re looking at your workplace and wondering how you can assist your employees and ease their worries while inflation stands at over 10% (as of January 2023), keep reading.
In all likelihood, handing out raises is not an option, so the next best thing that you can offer your staff is financial rewards. Making money go further is possible through the My Staff Shop platform, with extensive discounts and Reward Beans (our virtual savings currency) on offer for members.
By utilising our discounts, members can save up to 7% at supermarkets – which can add up quickly when doing that weekly shop. While the essentials such as supermarkets, car insurance, mobile contracts, kid’s clothing brands, and home goods are covered by both our shopping discounts and Reward Beans, there are plenty of other handy benefits too. Perk your employees up with gym discounts and holiday savings, with the most popular names in the business involved with our reward scheme. What’s more, there are loads of local deals on offer from specific stores in your area.
In terms of support, having an Employee Assistance Programme (EAP) in place is a huge win for employers, and shows that you care about your team. With your staff knowing that you value them and are there to offer support, they’re more likely to be engaged with their work.
From wellbeing to financial advice, having a solid EAP at the ready provides a safety net for their needs both inside and outside the workplace. With My Staff Shop’s EAP, counselling, legal advice, and money management resources, there’s 24/7 access meaning that your employees don’t have to wait for working hours to discuss their concerns, no matter what personal problems they’re going through.
It’s an especially difficult time to feel like you’re doing all you can as a HR professional, but if staff retention and wellbeing is a high priority for you, consider offering up real-world benefits and an appropriate EAP through My Staff Shop.