With the cost of living crisis hitting a lot of people, many are struggling to heat their homes or feed their families. They will also be working hard to earn enough money to tackle the rising cost of things at the moment. In fact, studies show that 5.2 million people have taken on a second job in an attempt to combat increasing costs.
It is important to see where an employer can help in situations such as these to ease the burden of families and those struggling to work for the company. So let us take a look at how you can help to combat the cost of living crisis through your rewards scheme.
Advise Employees of the Existing Support and Help Available
As an employer, you may have already set up employee rewards to help and support your staff which some might not know about. It is important to advise everyone who works for you that this support is there.
Workers need to feel that they can come to the company for help and support without being judged or feeling embarrassed. You may want to have one member of staff who deals with these inquiries and is sympathetic to their needs.
Set Up a Cycle Reward Scheme
Transport and fuel prices are rising, and many people can no longer afford to get to work. This is where your company can contact a scheme such as a Cycle to Work Scheme that allows employees to get a bicycle and equipment through salary sacrifice.
This will help those that live close to work and are able to cycle in. For those that live further away, you can set up a car pool service and give those who take part subsidized fuel rates.
Both of these options will make the commute easier and cheaper for your staff.
Arrange Coupons or Other Money Saving Rewards
One of the biggest problems facing your employees is the cost of food and other essential items becoming too high for them to afford. As a company, you may be able to arrange for money-saving coupons or additional savings that you can give to your workers.
This type of reward will go a long way to helping them deal with price rises and being able to provide for their family.
Offer a Mini-Bonus
As an incentive to your employees to continue to work hard and offer exceptional service, you can offer them a mini-bonus. You might not be able to afford a pay rise or a large bonus to your workers, but a small bonus as a reward can help your staff and allow them to still feel valued as part of the team.
The frequency of these bonuses depends on your company finances and the level of support you can offer. However, they will be a welcome boost for your employees.
Final Thoughts
While the amount of support you can give your employees might be limited, any form of help that your company can provide will be greatly appreciated by your workers and allow them to continue working, but without the stress of having to take on a second job.
