The continuing rise of living expenses

A recent survey by Price Waterhouse Coopers found that more than 4 in 5 large organisations (83%) are taking action to support their employees with the cost-of-living crisis.

It has also been reported that the John Lewis Partnership and Waitrose are providing food to employees for a temporary period from October until January 2023, to help support people with rising living costs.

These initiatives can be very helpful for people and can also help with recruitment and retention of staff, which continues to be a priority for employers. This got us thinking about how smaller organisations can also support employees as living expenses continue to rise. Here are some useful ideas for you to consider;

1. Having conversations about money and finances can help to normalise the conversation and employers can signpost team members to further resources and information that may help.
2. Offering flexible working options or working from home might help to reduce commuting costs during peak times.
3. Providing discount schemes as a benefit for employees can help with providing reductions on many day to day expenses.

There are many more ideas and useful information on supporting employees though the cost-of-living crisis in our podcast episode, Understanding Reward and Recognition in the Workplace. Click here to listen on Spotify.