Supporting your employees through the cost-of-living crisis
The current cost of living crisis is proving difficult for many people, with the cost of food and energy rising significantly throughout 2022.
The Chartered Institute of Personnel & Development has found that financial distress has a negative impact on the health outcomes of individuals, including mental health and well-being, and their ability to manage stress. All these factors influence performance and absenteeism. Employees experiencing financial stress are more prone to absence from work as a result of stress-related illness and emotional exhaustion or are more likely to exhibit presenteeism and reduced productivity.
Furthermore, research conducted by Reward Gateway and Blackhawk Network (2022) has found that:
57% of UK employees stated the stress of the cost-of-living crisis is affecting their work
85% of employees are likely to be more loyal to an employer who provides support during the cost-of-living crisis
63% would leave their job for an opportunity offering better financial support.
Our MAT Leaders’ Survey and report 2022 also found that employees within the education sector are already experiencing stress and increased workload. So, with the added pressure of the cost-of-living crisis, what can you do to support your employees through this challenging time?
Financial Well-being Strategy
Financial well-being has an impact on your employees’ well-being and performance. Creating a financial well-being strategy within your establishment can easily be incorporated into your wider health and well-being strategy.
Financial Well-being Policy
Implementing a well-being policy can help build a positive employer brand which makes your establishment stand out and has a positive impact on your employees. The policy can be a stand-alone document or form part of your overarching mental health and well-being strategy.
Financial Well-being Programmes/Initiatives
A financial well-being programme initiative is intended to create a community for support and socialisation for your employees. Some examples of how you can do this include:
Educating your employees on financial management and budgeting using INSET
Raising awareness of any benefits you offer e.g., Employee Assistance Programme
Introducing low-cost social activities such as clubs or quizzes to support mental health and well-being
For more useful advice visit Education HR Online
Our Education HR Online website gives you access to a range of downloadable resources, guides and templates on a comprehensive range of HR topics. Find out more about the free 7-day trial and how to subscribe to our HR support website here.