Supporting staff with the rising cost of living - good employment practice

The rising cost of living and its impact on all of our staff has led to organisations reviewing their current employment package along with additional measures that can support the wellbeing of staff. Having a comprehensive employment package will contribute to retaining valuable talent and help make you an attractive employer for new recruits.

In the UK, one in eight workers are already unable to make ends meet or cover their essential living costs. It is predicted that this number will increase due to the rising costs of living expected during 2022.

While we know that pay is important the pressure many of our colleagues are facing from rising costs, are linked to household income and overall expenditure.

We have highlighted four core areas for employers to consider: 

1. Pay processes and practices: supporting staff through providing a comprehensive benefits package.
2. In-work progression: the offer available to colleagues to access development, training and experience including apprenticeships, to progress and enter higher paid work in the medium-to-longer term. 
3. Financial wellbeing and education: empowering staff through the offer provided.
4. Flexible and agile working: approaches that support individuals in a way which helps them with managing household costs.

We also recommend three additional actions for employers to take to support staff: 

• Work in partnership with your local staff representatives and encourage staff who are members of a union or professional body to be aware of the benefits they can access through membership.
• Evaluate the impact of the interventions taken forward.
• Develop a comprehensive communication and engagement strategy to underpin the work developed.

This information pack provides a summary of the areas you may wish to explore as an organisation and outlines what we will be doing next to continue to support you.