Edenred recently published a report, ‘How the cost-of-living crisis is evolving for HR’ that includes new research into how employees are being impacted by the rise in the cost of living, and how businesses can support them this year.
The report highlights five key areas to consider to help shape your own strategy.
- Managing the tension between expectation and action.
- Evolve support from emergency response to sustainable interventions.
- Understand and communicate business impact to senior leaders.
- Measuring impact.
- Promote and protect HR’s contribution.
Future-proof for the long-term
While support is required right now to help employees navigate the cost-of-living crisis, it would be wise to think of strategies that will be helpful in the long-term. According to the report, only 13% of employers believe they have the right support in place.
More than two-thirds (69%) say they will review pay and rewards to support the challenges ahead, while 47% say they will look at their employee benefits proposition, and a further 39% say they will increase the range of employee benefits this year.
Thinking about sustainable investments for employee benefits means there is more than just a reactive response, it’s a support plan for the future.
Employee benefits that are a win for the business too
A quarter of employers will review their financial wellbeing policy in 2023, according to Edenred’s report. It recommends that businesses should consider solutions such as the ability to purchase high value items through salary sacrifice schemes. This will not only give some employees access to those items that would otherwise be out of reach, but salary sacrifice schemes also offer tax and National Insurance savings for employees.
Keeping your employees happy can contribute to staff retention levels and demonstrates you are taking action against the cost-of-living crisis.
Salary Sacrifice Car Benefits
Here at CBS, we can offer your business Salary Sacrifice Cars. We also offer Employee Car Ownership Schemes and Business Car Leasing.
Whatever you require from an employee car benefits package, we’re confident we can help. Our solutions are inclusive of all employees and offer flexibility to include, one, two or all three or a combination to suit your business needs.
Get in touch today to find out more about how we can help you offer the best benefits to your employees.