In times of high inflation, many people start to feel the pinch on their finances. Everything becomes more expensive, and sometimes a person’s salary just doesn’t stretch far enough. As an employer, there are things you can do to help your staff in times like these. Here is how your business could financially assist its workers.
Income Advances
Although businesses are also finding things difficult, if you are in a position to help your employees, you can find loyalty and higher production could be the result.
One of the biggest problems faced by workers is the unexpected emergency that comes when they have no emergency savings.
Your business could set up an income advance so that workers could get access to their salary early. You could even offer small loans that are repaid through their salary.
Life Insurance
If you want to help with other areas of your employee’s finances, then offer benefits such as life insurance and pension schemes.
Many companies such as YuLife offer a group life insurance package that will help you to offer peace of mind to your employees.
There are some people that forego life insurance and health cover because they can’t financially afford them. This is why schemes like these are so important to many workers.
Find Community Resources
As well as offering your own financial assistance, you can also try to find other schemes that can offer financial support and advice.
On many occasions, people don’t know where to turn to if they are having problems. Offering these options that staff can access either through your company or via a notice board, will give them ways to deal with their troubles.
Offer Financial Incentives for Hard Work or High Risk
If you are a company that cannot have all of your staff working from home, then you may find that those who have to attend the office could be feeling increased stress and financial hardship.
To try and counteract this, you could offer additional bonuses for those who take on additional work, and for taking the risk of attending work during the pandemic.
If some staff have chosen to take alternative transport to work instead of public transport because of COVID, then you can also consider reimbursing them for their travel.
Additional Hours For Working From Home
You may have some employees who would love to do additional hours but are unable to because of childcare or looking after loved ones.
In this situation, you might consider offering them a work-from-home job so they can commit to more hours and get a higher income.
This would also benefit you as you wouldn’t need to recruit any additional staff to cover the hours or workload.
Final Thoughts
Life sometimes throws things at you that can be hard to deal with. In most cases, this involves financial problems that can increase your employee’s stress and performance at work. By trying to help your staff, you not only help them but also help your company in the long term.