How Employers can help during the Cost-of-Living Crisis

by Terryberry

We are all concerned about our employees’ welfare during the cost-of-living crisis, particularly rising energy bills, which are affecting every aspect of day-to-day life, from rising grocery bills at the checkout, increased fuel bills at the petrol and diesel pumps, and frightening rises in the cost of household heating especially as wintery weather begins to set in.

The value of the pound in our pockets is steadily shrinking as mortgage rates and other expenses mount. Employees are looking to their employers for help, but employers, while willing to do everything they can to support their teams are at a loss, they can only raise wages so far and must look for alternatives ways to motivate and retain their employees.

One answer is being supplied by Terryberry, a reward and recognition specialist which is offering a scheme whereby employers can help support their employees during these times. Their cost-effective benefits solution means you can give employees access to an easy-to-use discount platform, giving potential savings of up to £3000 . Terryberry’s discounts and benefits platform is designed to reduce costs at the checkout, help provide entertainment and ensure access to necessary services for families during the summer holidays and beyond.

Ian Feaver, Managing Director at Terryberry UK, said: “The cost-of-living crisis is bringing a whole new set of challenges for people across the country, and having a catastrophic effect on both the financial and personal wellbeing for those affected. The cost of living is spiralling out of control, to such an extent that when winter is upon us, people really will have to choose between heating or eating; which is a devastating thought.

“This is also going to have a potentially severe impact on employers, who have already been facing huge challenges in retaining and engaging people. A full workforce of highly engaged people is critical to business success, yet with around 1.3 million job vacancies, many companies are understaffed and morale is low.

“The impact of financial insecurity is creating pressure on employers to match
inflation with high pay rises, which isn’t sustainable in most cases; leaving companies in the perilous position of risking losing their people or having people in their employment who are completely stressed out.

“However, all is not lost, and employers can come through this by being proactive in how they adapt to this situation and support their people. Employers need to express concern and care for their people; concern for their financial security and care for their physical and mental wellbeing.

“If your people know you are doing everything within your power to support them and demonstrate you care for them during this difficult time, they will be more likely to stand by you and come through this together with you.”

Employee benefits play a vital role in encouraging candidates to apply, so much so that 60% of employees claim that employee benefits are essential when deciding on a new position. Employee benefits are so important that up to 80% of employees say they’d rather receive benefits over a pay rise.

Employee benefits also help when engaging and motivating staff. Offering benefits can make employees feel valued, leading to a more motivated and satisfied team and reducing the risk of staff turnover.

Along with their employee benefits offering, Terryberry also offers a reward and recognition platform, designed to create a more engaging work environment for employees and deliver a more productive and efficient workforce.

Recent studies suggest that businesses with a more engaged team had 24% less turnover of staff and 17% higher productivity within their workforce. This also results in 21% higher profitability for a business. All of this can be achieved without breaking the bank, as they recognise that employers are feeling the effects of the cost-of-living crisis, as well as the employees. That is why their solution is designed to solve the problem for both.

To engage your staff, create a more productive workforce and help your employees tackle the cost-of-living crisis, get in touch today at https://www.terryberry.com/gb/360-recognition-platform/