At this time of year, I’m typically tuning into the start of the football (soccer) season. Yep, every August, my eyes are glued to the sports pages for the latest news and updates as the season kicks off.
But, I find myself instead bracing for the financial news – which is very unlike me.
What’s caused this? Well, in two consecutive months my mortgage repayments have increased. Petrol has gone up (again!). And, the weekly shop is costing me more.
My head (and wallet) is spinning a little, and I’m trying to get to grips with what’s happening, and what this means.
Your employees are probably trying to understand what this means for them, too – how will the recent rate rises and inflation 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?
I suppose 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, though, it might mean having to cancel 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:
- Be kind – It’s always a good day to practise 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.
- 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.
- 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?
One of the ways our clients provide support for their employees is by offering a range of discounts through our employee benefits platform. Here is an example of how these discounts can have a tangible impact on employees' day-to-day lives.
To make things a little easier during these challenging times, we've pulled together a resource hub full of inspiration for supporting employees through the cost of living crisis. Dive in to find ideas to attract, engage and retain your workforce.