How to support your employees through Cost of Living Challenges

The cost of living crisis. It’s something we’re all sick of hearing about…and experiencing. With winter on the horizon, finances are a concern for many employees. Energy prices will rise by 10% from October, so supporting employees with financial perks is one way that you can help reduce the sting.

Financial Advice

Knowledge is power, so providing employees with all the tools they need to budget, make better financial decisions, and manage their earnings effectively can be effective in combating the cost of living crisis.

A comprehensive Employee Assistance Programme (EAP) should include access to qualified support and financial advice. From online resources to experts to speak to, an EAP is a fantastic tool to offer employees.

Supermarket Savings

Everyday spending adds up, and there are essentials like food, toiletries, and cleaning supplies which are non-negotiable when looking at budgets. A perk that employees will actually see the benefits of is supermarket discounts.

Whether they shop at Tesco or Aldi, with My Staff Shop employees can save up to 7% every time they shop. This flexibility means that everyone will get to enjoy the perk! Everybody relies on supermarkets, so it is guaranteed that every staff member can feel the benefit.

Discounts

Employee discounts are a great way to boost employee morale, but if you don’t have a company that can offer in-store discounts, offering up savings for the most popular high street and online stores is the next best thing.

Again, this is where flexibility is key. We all have different shops that we frequent, and offering up discounts for shops that your staff don’t use is not only a wasted investment, but says to your team ‘we don’t understand your wants and needs’. Giving your team the choice to reap the benefits wherever they prefer to shop is the next best thing to a salary increase. That’s why access to benefits from retailers across the UK is a big plus.

On Demand Pay

Payday can sometimes come after an important payment is due, and this is what On Demand Pay is for. It isn’t the same as a loan, as employees can only access income they have already earned. Your team not having to use an unarranged overdraft and face extra charges can help them to keep on top of their financial wellbeing. On Demand Pay is a financial perk for employees, with no extra admin for you!

Support your employees through cost of living challenges with the My Staff Shop employee benefits platform. To learn more, arrange a free demo with our friendly team.