Research by PwC found that 86% of UK adults are concerned about day-to-day living costs and 33% believe that businesses should be responsible for tackling these issues, but how can small businesses help their people? 

We cannot expect your average UK business to match the salary increases and cost of living payments that large employers like HSBC, John Lewis, and Tesco are offering their people – but is this even the correct way to support your employees?

In Connect Three, our Employee Experience Consultant, Samantha Gaughan suggests that employers should turn their focus to supporting their people across the longer term rather than providing one-off pay bumps.  Instead, she suggests providing people with the tools and support that they need to navigate the current economic conditions and beyond.

Here are Samantha’s 4 steps to lead your people through the cost-of-living crisis:

1. Teach Financial Wellness

By offering training around potential solutions to current problems, such as transport and energy costs, you are supporting their long-term financial well-being much more than a one-off, taxed bonus will.

You don’t have to provide this training yourself.  Organisations including Money and Pensions Service offer expert-led free training on topics including budgeting, pension planning, and investments.

2. Provide a Supportive Culture

Your people should feel comfortable discussing financial matters, and understand that when they are struggling, that there is support within the organisation to reach out for help. 

3. Offer Targeted Support

Remember, a truly equitable organisation provides people with what they need rather than offering blanket support.  Offer those with long commutes the chance to work from home, or provide financial support for their travel costs when you need them in the office.  By considering targeted financial support, you will make a bigger impact, and employees will feel more valued.

4. Consider other benefits

How can you provide security and stability without increasing salaries?  Look at other benefits you could offer, such as health insurance, mental health support, or discount packages with other firms.  Money may not help your people as much as other support can.

If you need further help or support navigating cost-of-living support for your teams, get in touch with Connect Three for consulting, coaching and training.