Cost of living crisis – how can employers help?

15 Sep 2022

The cost of living crisis is having an impact on all of us and with energy prices soaring and winter looming, lots of people are genuinely worried about how they are going to afford to heat their homes and put food on the table.

I have seen lots of articles recently with examples of how employers are stepping in to support their people get through these difficult times. One off bonus payments and the consideration of additional pay increases have been some of the support initiatives I have seen and also using hybrid or home working, to save on the commuting costs for employees.

I have often spoken about ‘added value benefits’ included within group risk and healthcare schemes. I think it’s in times like these that these benefits really come into their own, as long as they are communicated to staff effectively. If an employer provides such employee benefits to their staff, then chances are that they have valuable support functions available within one or more of their employee benefit arrangements. This is great as an employer can provide invaluable support for their staff at no additional cost to the business.

I have highlighted below some key support areas often available within ‘added value benefits’ which are very relevant in the current climate.

Financial Wellbeing

With living costs ever increasing, we need to make sure we are in control of our finances. There are added value benefits which provide guidance on financial issues such as budgeting, how to reduce outgoings and where to access debt management support.

Mental Health Support

The link between money issues and mental health is undeniable. Support is available in the form of 24/7 helplines and structured counselling sessions where needed (either over the phone or face to face). Support is also available specifically for managers, which give them the tools they need to help their teams.

Discount Schemes

Employees can access offers, discounts and cashback on shopping, travel, retail, entertainment plus lots more. Many big brand names (such as Tesco, Apple) are usually included and lots of offers are available to save you money.

Legal Information

Legal information on a number of areas including debt management, property disputes and relationship breakdowns.

Now (more than ever) employers need to provide the right support for their employees. If you do not feel your business has the appropriate support functions in place, please get in touch so that we can discuss your existing benefit arrangements and the additional benefits you would like your staff to have access to.

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Employee Benefit Benchmarking Report 2022

Exclusively focused on UK organisations with employee headcounts of up to 1000, the data and conclusions shared in this report are directly relevant to companies of this size and profile.