The rising cost of living is a topic that doesn’t seem to be fading any time soon, with prices still consistently increasing in a variety of sectors. People are struggling more than they ever have before to make ends meet, especially when trying to make a living off minimum wage. Therefore, it’s down to employers to do everything that they can to ease the pressure of the cost of living for their employees. Salaries just aren’t stretching as far as they used to, leaving people no choice but to search for higher-paying jobs. Therefore, if employers want to retain the talent that they have, they need to make the necessary steps to keep them.
Review Their Salary
First and foremost, you might want to consider a pay review for your employees to deter them from hunting for higher-paid jobs. Paying your employees minimum wage means that they’ll be able to afford a minimal quality of life. Just about making ends meet isn’t a comfortable way to live and, if you can help it, you don’t want to inflict this stress onto anyone. Therefore, if you value your employees and you want to ensure their financial security, you should consider giving them a pay rise. Not only will this increase their security, but they’ll feel more valued and stay with your company for longer.
Introduce Working from Home
There’s no escaping the fact that fuel costs are through the roof, making the commute to work one of the largest costs to consider. If nothing else, one thing that we gained from the COVID-19 pandemic is that we learned that so many jobs could be done from home. If your employees can complete their duties from their own homes, there’s no reason why they shouldn’t do so. Not only will this save them from the dreaded fuel costs, but you’ll also be spared the running costs of your office. Working from home is a winning scenario for everyone involved.
Cover Travel and Parking Costs
Unfortunately, there are some sectors that simply can’t function from home. If this applies to your business, you can still do your bit to help combat fuel costs by paying for your employees’ travel expenses. Similarly, you can subsidise them for the cost of their parking, as many employees still have to pay for their parking at their workplace. This even applies to hospital staff, which doesn’t seem right when they’re a necessity to society. The pace at which the cost of fuel is rising is already stopping people from filling up their tank; ensure that employees can make it into work by covering their travel costs.
Cover Lunch Costs
Not only is the cost of fuel rising, but the cost of food is, too. Food bank attendance is at an all time high, with people with full-time jobs who simply can’t afford to eat. Having three nutritious meals a day is a human right, yet it’s one that’s only becoming harder and harder to obtain. By covering lunch expenses for your employees, you can make sure that your workers are having at least one proper meal a day. Additionally, if they’re properly nourished, they’ll feel more energized and deliver a higher quality of work.
Provide Seasonal Bonuses
Christmas is one of the hardest times for many people across the globe. Not only are they forced to shell out for heating costs due to the wintry temperatures, but they’re plagued by this pressure to buy presents for their loved ones. As a result, seasonal bonuses can really help your employees out in the most trying of times.