Research conducted by XpertHR has revealed that 52 percent of the organisations they surveyed took steps to help their staff. Of those firms offering additional assistance, over half have paid a lump sum or bonus payment to ease worries about spiking costs.
Respondents to the survey also suggested that 48 percent of directors have moved to create higher pay awards. This is set against a backdrop of merit-based pay rises topping out at roughly half the current (10 percent) rate of inflation.
A spokesperson for The Workers Union said: ‘The results of this survey suggest that business leaders are gradually starting to listen to their staff’s concerns.
This is more important than many would acknowledge. Companies that take steps to help workers in a time of financial hardship will benefit from increased motivation, loyalty and wellbeing. Those that choose wilful ignorance may well find themselves at the bottom of the heap in the race to secure talent.’
Several firms have already taken the decision to pay staff more. In recent days, Tesco Bank and budget supermarket Aldi confirmed that staff would get a pay rise. These announcements follow last September’s developments, when The Workers Union reported that 390,000 workers were set to benefit from a hike in the Living Wage.
The Workers Union Says…
Not every firm will be able to dust off the cheque book to meet this challenge.
But those companies that can do more, should do more.
Some will say that it is impossible – but there are a number of different ways to package help and assistance. “Connection time” with other members of staff can have positive effects on mental health. Money advice services can be a critical means of support.
Companies must also consider repurposing existing assets. This makes sense in the age of distributed teams when large office portfolios are a cash sink rather than a symbol of prosperity. Are there ways to spend less on physical spaces and more on salaries?
Business chiefs should consider all these options viable ways of generating more opportunities to help their staff.