Read the newspaper, turn on the news, tune in to the radio – news of the current cost of living crisis is everywhere you turn and playing on all of our minds at the moment.
The latest Opinions and Lifestyle Survey, collected between 20th and 31st July 2022 by the Office for National Statistics, found that 89% of adults in Great Britain (around 46 million people) report that their cost of living has increased – going up from 62% as reported in November 2021.
The most common reasons cited were:
Without wishing to add further doom and gloom, we are also experiencing high interest rates – at the time of writing, the latest Bank of England forecast has inflation peaking at 13.1% in Q4 2022. This is largely driven by the increase of the energy price cap in April and further increase of 75% forecast in October. [Source: Cost of living crisis | The Institute for Government].
Understandably, as a business owner you’ve likely got lots of concerns and questions, but there are steps you can take to weather this storm alongside your employees.
How can we make sure our employees are supported?
Positivity and support at work ensures your staff remain engaged and don’t start looking elsewhere for employment – meaning your business doesn’t suffer from a loss of resources and productivity. Your people are your greatest asset and there is lots you can do to support them through these tough times. OneHR partners with bhsf Connect, an Employee Assistance Program (EAP) that provides confidential access to confidential expert counselling, 24/7 medical advice, legal and debt advice and mental health support. In addition, it also offers access to retail discounts – all of which helps your staff manage their physical and mental wellbeing and their household bills. This benefit is not usually accessible to smaller organisations, but through us it is, and at a very affordable rate.
Do you already offer flexitime to help employees manage any care commitments? Or lessen the burden of travelling cost on their commuting journey? We have seen organisations offer breakfast at work or subsidise lunches on a temporary basis unless things improve. Every little saving helps not just your workforce but also your business!
How can our business weather this energy storm?
From 1 October 2022, heavy energy users could see prices rise by up to 19%. One suggestion would be to carry out an energy audit to see where energy is being lost on your premises
Did you know that a single computer and monitor left on 24 hours a day can cost over £50 a year? Encouraging staff to get involved with green measures by turning off their computers and monitors at the end of each day could save a medium-sized company with 50 staff a grand £2,500 a year
Check out this guide from the Carbon Trust for ideas on how to create an energy awareness campaign in the workplace, some of which may help your employees in their homes too.
Investment in better insulation, temperature control and automatic lighting can help to cut down on usage. Are there areas on your premises you could close off, or could you think about downsizing your office space completely?
Speak to us if you would like to know more about Employee Assistance Programmes or implementing a cost-effective reward & recognition scheme that will work for you and makes a difference to your staff
