Money is tight. Different circumstances ranging from the ongoing war in Ukraine to post-Covid inflation levels to UK interest rates rising to 3% (the highest since 2008) have employers and workers alike asking: what can be done to ease the pressure?
Ideally, a one-off bonus payment is most impactful for employers and most cost efficient for employees, which is probably why 15% of UK companies are planning, or have already paid, such a bonus. But how can smaller companies and those facing cash flow issues support workers?
Thinking outside the box and tailoring a non-financial package to each staff member is one approach. Here are a few ideas:
Paid time off
When more money isn’t an option, increasing paid time off can help. Shifting from a 40 hour to a 32 hour week, or a five to a four day week allows workers to reduce their childcare or commuting costs.
However, this is not a one-size-fits-all solution. While some workers like their extra paid time off spread out over the year, another might want an extra week’s annual leave. For employees looking to broach this topic, look at your outgoings and see what will have the biggest impact.
Subsided travel or lunches
From a worker point of view, subsided travel or lunches can help ease the financial burden associated with increased utility costs. Meanwhile for companies, tax relief opportunities may make the financial burden less daunting.
Discounts and supports
From employee assistance schemes that can help those struggling with medical costs to additional discounts like cycle to work schemes, there are some non-financial benefits included in employee packages that are seldom explored.
Employee assistance schemes can help with medical costs such as therapy or physio, while additional benefits can help spread the costs of big purchases like a bike or car.
For employers, increasing discounts and support to include subsidized gym memberships or partnering with local retailers on exclusive discounts can put more money in workers’ pockets. If you’re an employee, meet with HR and ensure you have a good understanding of what you’re entitled to.
If your manager can’t or won’t offer additional benefits, it may be time to explore new options. Global companies known to treat their staff well are constantly hiring on the House of Talent Job Board. We’ve selected three be3 ways tech companies can support their employees during the cost of living crisislow to whet your appetite:
POS Development Manager, kevin.
The Role: kevin.’s advanced A2A payment infrastructure solution was created to swiftly change costly card payments to payments. As POS Development Manager, you’ll join the business development team and develop external relationships.
The Responsibilities: You’ll ensure that the business of account to account payments grows, and analyze markets, competitors, products, and other internal and external data to provide insights and actionable conclusions.
The Requirements: You should have experience in POS acquiring or the payments industry as well as proven experience in business development management. In return you’ll get a competitive salary, a flexible working schedule, full ownership of your tasks and decisions, plus private health insurance.
Software Engineer, Starling Bank
The Responsibilities: You’ll be responsible for delivering software in an entirely original way, such as coding against your own bank account using Starling’s open APIs.
The Requirements: You have a strong foundation in Java, a knowledge of CI/CD and build tools, and a passion for engineering productivity.
Technology Architect, Infosys
The Responsibilities: You’ll be responsible for developing application design as well as providing regular support and guidance to project teams on complex coding, issue resolution and execution.
The Requirements: You have at least seven years of experience in technology consulting, enterprise and solutions architecture, and architectural frameworks.
Visit House of Talent Job Board to browse dozens of jobs across all sectors
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