EMPLOYERS have a role to play in helping staff to manage the cost of living crisis… and it need not cost as much as some might fear.
Action does not automatically mean an increase in remuneration, says Northamptonshire-based human resources consultancy HR Solutions. There are alternatives, such as shares or employee ownership schemes to keep employees motivated.
“The cost of living crisis is currently affecting everyone across the UK,” said HR Solutions chief executive Greg Guilford. “Wages have gone up dramatically but for some struggling workers it is still not enough to meet rising costs.
“While individuals are battling to make their wages stretch, business owners are also struggling as they face the same increased cost challenges.”
Mr Guilford pictured right suggests encouraging staff to claim all the relevant government incentives and reassess their pensions to potentially free up a little more money each month. Businesses should also consider setting up employee engagement groups or sending out an employee survey to find out what their workforce needs.
Employers who struggle to match offers or compete with impressive remuneration packages due to also facing rising costs may instead consider offering shares or employee ownership schemes to help retain staff who would then also have a new motivation, with a vested interest in the company’s financial performance.
HR Solutions pays a small monthly subscription so all staff can access a discount website, which offers everything from free coffee to reductions on family holidays, helping their money to stretch further. “We also use the site as a reward platform where we load credits on to employee accounts as a thank you or bonus scheme,” said Mr Guilford.
“One person might want an increase to their hourly wage whereas another might be looking for a greater pension contribution or shopping discounts. Another might just want to feel heard, need signposting to additional services or want emotional support.
“These employers, particularly small business owners, might not be able to afford to offer excessive salary increases or bonus schemes. It is not an endless pot of money for SMEs who are doing what they can to be competitive.”
HR Solutions offers a Lite Service too for business owners who need practical, specific employment advice. Customers have access to an HR Solutions advisor, as well as case management, a micro handbook, news bulletins, legal updates and access to useful webinars.
“In an age where time is money, this service allows business owners to spend less time on HR and payroll and instead focus on growing their business,” said Mr Guilford.
