The rising cost of living is something that’s playing on the minds of individuals throughout the country. As a result, people are searching for positions that have provisions in place to accommodate the consistent rise in living expenses.
Individuals are struggling more than ever to make ends meet, meaning employers must review their financial offerings if they want to entice fresh recruits. Quite simply, salaries aren’t stretching as far as they used to, meaning what was once an attractive salary is now just a satisfactory one.
Despite this, increased salaries aren’t the only way in which employers can accommodate the rising cost of living.
In a time of financial uncertainty, the salary is likely the first thing that job seekers will be looking at on a job ad. Therefore, employers may consider how to conduct a salary review before advertising the job.
For instance, job seekers may immediately disregard a position if the salary is advertised as minimum wage. Paying employees minimum wage means that they’ll be able to afford a minimal quality of life, only just making ends meet and by no means living comfortably. Consequently, if you can help it, you want to refrain from inflicting this stress onto your prospective and existing employees.
Introduce working from home
Recently the cost of fuel has skyrocketed, making the commute to and from work much more expensive than it once was. If nothing else, the COVID-19 lockdown taught us that many of us in the UK are capable of working from home. Consequently, if your employees are able to fulfil their responsibilities in remote jobs and work from home in the UK, there’s no reason why they shouldn’t do so. In fact, due to elevated fuel costs, many job seekers will refrain from applying for a job if remote working isn’t offered. Any employer looking to attract recruits amid the rising cost of living should certainly consider offering remote working.
Subsidise travel and parking costs
Not every sector can function from the comfort of their own home, meaning many employees have no choice but to commute to their workplace. Despite this, this doesn’t mean that employers can’t do their bit to help reduce travel costs. Instead of providing opportunities to work from home, employers can offer subsidised travel and parking fees.
The rate at which the cost of fuel is rising is inhibiting people from filling up their tanks, which could hinder their ability to make it to work. Employers can ensure that their employees are able to do so by subsidising fuel and parking costs.
Subsidise lunch costs
Along with the cost of fuel, the cost of food is also through the roof. In fact, food banks are being visited by people with full-time jobs, as they simply can’t afford to eat. The consumption of three daily nutritious meals is a human right; however, more and more people are struggling to obtain this.
Employers can help ensure that their employees are nourished by offering subsidised food at lunchtimes. This way, employers can be certain that they’re eating at least one proper meal per day. Furthermore, well-fed employees will be more energetic and deliver better quality results.
Provide seasonal bonuses
If we take Christmas as an example, this is one of the most difficult times for people across the country. From being forced to crank up the heating to combat wintry temperatures, to the pressure to buy exquisite gifts for their loved ones, Christmas can be a trying time. Employers can help ease the financial strain of seasonal holidays by offering seasonal salary bonuses, which will also make employees feel more valued.
Combat the rising cost of living with BMS Performance
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