Money-related worries are a common cause of stress and can affect people in the workplace as well as at home. Here are some ways you can support your employees through the current cost of living crisis.
Travel to work schemes
A salary sacrifice cycle to work scheme can help staff reduce travel costs, as well as bringing health benefits. It works by allowing employees to give up part of their pre-tax salary in exchange for hire of a bike and equipment. See government guidance on setting up a cycle to work scheme here.
National schemes, like SmartGo, are also available, offering discounted low-carbon travel – including on buses, trains and bikes – to and from work. Find out more here.
Other ways to cut commuting costs
The CIPD suggests a range of other ways that employers can help their staff to cut commuting costs, including:
Read more on cutting travel costs here.
Make sure people know about their full benefits package
Whatever benefits you offer (like childcare vouchers, flexible working or staff discounts), make sure your staff know about them and how to access them – this not only applies to new starters but also to longstanding team members.
Use your internal communications systems to remind people what’s available to them and encourage them to make use of all the benefits on offer.
Become a Living Wage employer
The real Living Wage – £10.90 per hour in the UK outside London – is calculated based on the cost of living. More than 11,000 UK organisations have already signed up as Living Wage employers and, in a survey by the Living Wage Foundation, 93% say their businesses has benefited from its accreditation:
Find out more about the real Living Wage.
Look out for signs of stress
Recent research shows that one in four employees say that money worries affect their ability to do their job (the 2022 Reward Management Survey). With the rising cost of living likely to mean that more and more people are affected by money worries, looking out for signs of stress can help you to take action and support your staff.
Changes in work performance, conflict and withdrawal can all be signs of stress.
Find out more about how to spot signs of stress and support employees in this factsheet from the CIPD.
Signpost to expert advice
Make sure your employees know where they can go for impartial, expert advice on money by signposting them through links on your intranet and in staff emails, or by displaying leaflets.
The Money and Pensions Service has a helpline and a range of printed and online guides – find out more here.
Provide support for younger employees
Remember that younger employees – especially those who have only recently transitioned from education to the workplace – might need extra support on managing their finances.
The Money and Pensions Service has brought together a range of guidance for young employees and apprentices here.
