With UK workers facing a cost of living crisis, how can businesses do their best to support the financial wellbeing of their employees?

Ciphr have written a blog with some helpful thoughts about how employers have been supporting their employees.

The 2022 cost of living crisis in the UK has seen a record number of households face the biggest decline in income since the 1970s, with the Bank of England forecasting that inflation could hit up to 11% in autumn 2022 as a result of a number of factors including the Covid-19 pandemic, rises in national insurance (NI) contributions, unrest in Eastern Europe, and soaring energy prices.

Inflation doesn’t just mean rising costs for workers and their employers; UK organisations could soon be faced with workforces that are unengaged, distracted and unhappy because of the state of their finances. We are already starting to see the impact of inflation, with June 2022 research by Ciphr finding that nearly one in three (31%) of workers have taken on more hours or extra shifts at work to help pay bills, and two-thirds (68%) admitting that the cost of living crisis is casuing them to feel stressed or overwhelmed at times.

While raising salaries in line with – or above – inflation is one solution, there are many other ways that organisations can provide their people with support to improve their financial wellbeing. Click on the links below to read the full article section.