How to help employees combat the cost of living…without giving a pay rise

The cost of living is having an impact on many families and understandably requests for pay rises are on the increase. As an employer, there are other ways and means that you can support your employees especially when a salary increase isn’t necessarily warranted. 

Salary Sacrifice

Salary Sacrifice Schemes can allow employees to maximise pre-tax income. Let’s say that the employee is close to the high rate of income tax band. If they were to voluntarily boost their pension contributions, it could help keep them within the 20% basic tax band.

Employee Discounts

On the face of it, discount schemes may not sound like a massive benefit but they can help make money go further. These days there are cashback cards for everything, from groceries to clothes and even days out. Naturally, they come at a variety of costs depending on the offer but they’re occasionally free to encourage store loyalty so they are definitely worth checking out!

Financial Education

This may seem like a strange one but how many of us were offered financial education growing up as part of the school curriculum? Helping your employees have a greater understanding of their money will be appreciated and will allow them to make more informed financial decisions. Financial guidance can help employees navigate debt, set household budgets, and get a firm grip on their finances.

Charity Options

There are many options out there and often it can be a case of not knowing where to seek advice from. Employees who are in debt can receive essential and cost-free assistance by being pointed to debt-help charities such as the Citizens Advice Bureau, MoneyHelper, StepChange and more.

Contacting Us

The secrets out…we’ve figured out a way to provide Private Health Care Services, Financial Support and Mental Health Support all for £5pcm per employee. If you’re putting together a benefits package to help support your employees with the cost of living, contact us today. We’ll not only spill the beans but also provide you with a FREE 15 Minute Advice Line. You can book a call with us today here.