As the cost of living continues to climb, employees’ wallets have never been more strained. Employees face increased prices for electricity, transport links, petrol, and food, which reached its highest price in 13 years last month. * Today, we’re offering advice on how you can support your employees. Be open, transparent and clear with your advice During times of financial hardship, many individuals reduce non-essential expenditure. Some employees, especially younger workers who perceive retirement as a long way off, may be tempted to reduce pension payments or drop out completely of corporate pension programmes. Employers must ensure that workers are aware of the financial challenges they may face in the long run.  Offer a safe space for employees to discuss their concerns In the workplace, it isn’t always encouraged to talk to managers about money. Manager-to-employee talks could make employees feel more at ease about addressing financial concerns that could affect their performance. Although employees are already feeling the pinch, taking action to prevent money stress before it becomes a major crisis is often better than responding once it is a problem. You can create room for individuals to be vulnerable, by expecting that many people in your organisation will be anxious about their money. Looking for a business insurance quote? *Personnel Today |