Assisting your staff with managing rising costs
UK society is facing a cost-of-living crisis and employees may demand more pay. Adam Bernstein provides insights into the problems employees may be facing and discusses some strategies to adopt in your practice
It is safe to say that the UK economy has not witnessed such financial stress in decades. There is real pain being felt across the country as a result of rising energy rates, relatively high mortgage rates, rising food costs, and a tax burden unseen since World War II.
It is therefore understandable that workers are desperate for more money, especially in the healthcare sector where many have gone on strike because they cannot cope with what they are currently earning.
From an employer's perspective, Charles Cotton, the Chartered Institute for Personnel and Development (CIPD) reward and performance adviser, believes that a general review of compensation and benefits may help employees get what they need. This is different from what was useful a few years ago. In his view, ‘raising incomes is perhaps the most obvious way that employers can support financial wellbeing and will likely have the most immediate impact’.
Another option is to allow (more) overtime. Toyah Marshall, principal employment law advisor and solicitor at WorkNest, cites a survey published in HR Magazine and states that ‘overtime is the most in-demand work perk, followed by flexible working hours and company-funded retirement plans’.
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