At present inflation is still x5 the target rate of for the UK rate of inflation. Although experts are predicting inflation has peaked this does not mean that prices are dropping.
In this video we will be looking at the continuing cost of living challenges facing the UK workforce, their families and what this means for you as an employer.
The cost of living crisis is not yet behind us and remains a very real challenge for both employees and employers.
Key questions for employers to consider…
- Are you able to offer pay awards that match the annual rate of inflation?
- Is your workforce under significant financial pressure at the moment?
- Is one group of employees more exposed to this problem than others?
- Are you aware of any employee that has left to join another employer for better pay?
- Do you suspect that more are looking at leaving for better pay currently?
- Are you able to make an interim cost-of-living payment to support employees?
- Have you improved your benefits offering to help with financial wellbeing?
- Do you actively offer any support around financial wellbeing?
Despite the apparent conflict between employee attraction and rentention and inflationary costs employers shouldn’t be disheartened – there remains cost-effective and in some case cost- neutral methods of managing these challenges with the right employee proposition programmes in place.
We recommend exploring your options with an adviser today. To understand more about the challenges facing employers and what businesses can be doing to mitigate the risks associated connect with one of our advisers today by phone +03300 940177, or by email contact@partnersand.com.
If you already have a dedicated Partners& adviser, feel free to reach out directly and they will be more than happy to support you with any questions you might have.
Additional challenge insights
Addressing employer challenges: Recruitment and retention
Addressing employer challenges: NHS waiting lists
