UK 
United States
A recent poll conducted by the CIPD found financial insecurity is having a knock-on effect on performance at work. More than a quarter of respondents said money problems were affecting their job performance and a fifth found money worries affected their sleep. When you combine the lasting impact of the pandemic, a turbulent economy and rising costs for businesses, few employers are in a position to offer their employees a true ‘cost of living’ pay increase. And whilst wages have risen in recent months, in many cases they’ve failed to keep pace with the current rate of inflation.
So, keep reading to find out how can you support employees with the cost-of-living crisis and help them make their wages go further.
Pay a fair and liveable wage
The real Living Wage, set by the Living Wage Foundation, is independently calculated based on the minimum a worker needs to earn to cover the basic costs of living. Paid by nearly 10,000 UK employers, it’s currently £9.90 an hour across the UK and £11.05 in London. By point of comparison, the minimum wage is £9.18, and the national living wage is £9.50.
If your business is able to pay the real Living Wage, there’s multiple business benefits. These include improving the reputation of your business, boosting employee retention and it of course helps employee relations.
