At a recent appearance in front of MPs, Andrew Bailey, the Governor of the Bank of England said that there was very little the Bank could do to curb rising inflation, and warned that the ongoing war in Ukraine and the shortage of certain foods such as grain and cooking oil could result in “apocalyptic” food prices in the future.
Against this backdrop, Joe takes you through the actions that you as an employer can take to help your staff:
Pay rises/Living WageWhile Andrew Bailey cautioned against people asking for pay rises, in reality, most businesses will offer some sort of raise – even if it’s not in line with inflation.
Hybrid workingHybrid working is a by-product of the COVID pandemic, and for those roles where working from home is possible, hybrid working could be one of the strongest options an employer could offer to help staff.
Rising travel costs, whether it be petrol/diesel or public transport, are taking a larger chunk of employee’s income, so hybrid working to save them some money is a practical solution that also benefits work/life balance.
Tax free benefits for employeesFor a comprehensive list of tax free benefits for employees please read the article on this subject here: https://www.oldfieldadvisory.com/articles/2021/05/363-tax-free-benefits-for-employees
Trivial BenefitsNon cash items worth up to £50 can be awarded to employees tax free up to a limit of £300 per year. We suggest not to go above the £300 limit to avoid tax implications. Vouchers or gift cards (e.g. John Lewis vouchers) can be included here, but you do need to meet certain conditions for this to qualify as a tax free trivial benefit. You can read more on this topic here: https://www.oldfieldadvisory.com/articles/2021/11/401-its-the-season-to-give-back
Staff SurveyIf you’re unsure of the best way to help, then why not ask them? Send a survey around asking about the most important areas to them and where they could use the help – the responses could be set to anonymous so that no-one would feel reluctant to take part.
It’s good to talkSometimes, rather than physical things to help, people need space and time to open up and talk about issues that they are facing. Having trained, dedicated mental health champions that are there to listen to people can make the world of difference.
It's clear that things are going to continue to get harder for people in the short-term, and it’s in your best interests as an employer to ensure that you have a workforce who are ready and able to meet the challenge, so it’s crucial to support your staff in meaningful practical ways to help them achieve this.
To find out how we can help you and your business, please contact us at info@oldfieldadvisory.com or call 02476673160.
Please note: This article is provided for information only and was correct as at time of writing (08/06/22). Any lists and details provided above are not exhaustive and are not intended to be full and complete guidance. No action should be taken without consulting detailed legislation or seeking independent professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this article can be accepted.
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