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I’m not a weatherman or economist, but when I woke up on Wednesday, two things were very clear:  

  1. It’s colder than it was yesterday (9 degrees in QLD, c’mon!?!)
  2. Life is more expensive than it was yesterday.

stressed employeeLike lots of families around the country, I’ll be looking for my calculator (and thermals), to help me figure out what this rate rise means for me. I’m pretty sure it’s going to cost us around $100-200 per fortnight on mortgage repayments, which is not as insignificant as the decimal point (0.5%) increase suggests.

Your employees are probably trying to understand what this means for them, too. How will it impact their life? What is it they have to sacrifice? How much do they need to save to make sure they’re not going backwards financially. 

For some people, it might mean going without that nice bottle of red on the weekend, or cancelling other treats like dinner, streaming services, or going to the movies. For others, it might mean having to can the family holiday this year, selling one of the cars or downgrading their home. 

Either way, a lot of Australians will be thinking about how they save money – or earn more.

Employers can play an important role in their people’s lives. In fact, here are three things you can do for your people straight away:

  1. supporting each otherBe kind – It’s always a good day to practice kindness, but right now even more so. Some people might be a little fragile from this news, and they’ll appreciate the extra kindness and care. 
  2. Show support – Keep an eye out for people who might need extra support. There will likely be employees who are hit hard by this news – financially and emotionally. If so, they might need support and understanding from both the business and you. 
  3. Research solutions – Look for ways you can put money back in your people’s pockets. What are some ways you can soften this impact for your people and provide a benefit that will improve their financial situation?

If you're interested in learning more about how you can support employees through these challenging times? Get in touch with us, and a member of our team will walk you through how our solutions can extend employees' disposable income and improve your overall EVP.

 

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Ryan McGrory

Ryan is the Employee Engagement Journalist Australia, at Reward Gateway. When he's not thinking about RG content, he's watching Sesame Street (whether or not his daughter is around!) or playing in his band (a band that specifically sings songs about people called Dave.)

Employee Engagement Journalist

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