Are you looking to introduce cost of living help within your workplace? Employees all over the UK are feeling the increased costs burden, here are some imaginative ways that caring employers like you can offer some support.
The cost of living crisis has sent ripples through every sector, making it harder for employees to afford healthcare and putting their physical and mental wellbeing at risk. Now, more than ever, your employees need your care and compassion. Offering a comprehensive benefits package is a tangible way to show them that their wellbeing matters to you.
Understanding the Crisis: Insights from our Workplace Wellbeing Survey
Our survey, which included 590 people in full or part-time work across the UK, revealed the significant impact of the cost of living crisis on employees’ ability to do their job and their general wellbeing. In addition, the survey underscored the importance of employer support during this challenging time, with a majority of respondents expressing their need for such support.
Financial stress: the impact on employee mental wellbeing
Financial wellbeing is crucial for maintaining mental health and productivity. With a majority of employees worrying about their financial situation, it’s clear that financial stress can trigger a chain reaction of health issues. Employers can play a critical role in mitigating this stress and fostering a supportive work environment.
This begins with providing employees access to the resources and information they need to make informed decisions about their financial situation. It also means offering tools, such as financial literacy programs or employee assistance programs, that can help manage stress and increase financial security. Additionally, employers can provide support through benefits like flexible spending accounts or retirement savings plans.
Cost of living help for employees
Given the current crisis, employers should consider how they can support their employees, particularly in providing ease of access to GPs and mental health support. Offering benefits such as a 24/7 GP helpline or an Employee Assistance Programme (EAP) can make a significant difference in employees' lives.
Exploring salary sacrifices
The idea of employees sacrificing a portion of their salary each month might seem paradoxical, but it can actually make financial sense. Boosting budgets and offsetting costs becomes possible when this money is invested in schemes like cycle-to-work programs, electric vehicle leasing, or interest-free season ticket loans.
Tax-free provisions
For instance, staff who are working from home could be eligible for a small tax rebate due to basic expenses like broadband and home-office furniture. It's about providing what you can, tax-free to support your team.
Promoting health cash plan allowances
If your company doesn't already offer a health cash plan as an employee benefit, now might be the perfect time to introduce one. If it's already in place, then it’s time to make sure you’re promoting it. These plans are a fantastic way to support both the health and financial wellbeing of your employees, offering cash back on health services like physiotherapy, and purchases like eyewear.
Introducing retail and discount schemes
With living costs on the rise, the ability to claim a discount off a weekly shopping bill can help stretch salaries a little further. Special discounts on branded clothing retailers or even bigger purchases like home furnishings can lead to substantial savings over time.
Consider selling annual leave
While taking annual leave to rest and recharge is essential and should always be encouraged, there may be times when employees have unused holidays they don't wish to take as the year ends. Offering the option to sell that leave back to the employer could be a welcome choice, allowing them to see a boost in their wage for that month.
Engaging with your employees
Employee engagement is key to cultivating a high-performing and dedicated team. Ensuring that your employees understand the business’s values and mission, and how their role contributes to these, can foster a sense of loyalty and commitment.
Looking after the health and financial wellbeing of your employees
Our Health Cash Plans are specifically designed to lend a helping hand to employees during the cost of living crisis. They offer a way to get money back on everyday health bills, and access to additional wellbeing services. Whether it's getting cash back for healthcare expenses or access to a digital mental health app, our Health Cash Plans aim to provide a holistic solution for both health and financial needs.
Bringing health checks into your wellness strategy
Our Health Checks offer employees a thorough understanding of their health, empowering them to make positive lifestyle changes and spot any potential health concerns. They're also a wonderful perk to attract new talent, showcasing that your business truly cares about its employees' health and work-life harmony.
Get in touch
Here at Health Shield, we're deeply committed to supporting businesses and their employees as they navigate through the complexities of the cost of living crisis. If you'd like to explore how we can support your team further, we’re always happy for a chat, so get in touch.
This is a financial promotion.
Health Shield Friendly Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
