The Rising Cost Of Living In The UK & The Financial Struggles Of Employees

Many families in the UK are struggling to make ends meet due to the increased cost of living. This has resulted in many workers and families being put under a great deal of financial stress.

According to our study of 2,300 UK professionals, we found that more than half; 59.7% struggled with paying their expenses on a monthly basis. Also, it was found that 56.4% also ran out of money before they were paid again.

Even though making ends meet is such a struggle, 54% of workers didn’t ask for a raise due to being scared. As many as 67.7% of the workers preferred to find a better higher paying job instead. Many turn to most acceptance payday loans direct lenders to help ends meet.

Employers are not completely responsible for the financial standing of their employees, however, they should always pay fair wages and if not, then the risk of losing great employees is high.

So, if you don’t know if you’re doing all you can to help your employees, then consider the following measures.

Provide A Fair Wage

Even though this may appear simple, the vast majority of your employees financial issues can be solved if you simply provide a competitive and fair salary. Now, given the economic climate, it is reasonable that you’d aim to save money. However, it is still extremely important that you don’t do so at the expense of your company’s employees.

Once you pay your employees well, they will stress a lot less about money and this means that they can focus more on their duties. After some time, you will notice an increase in productivity and your employees will become increasingly loyal to your company. This will result in higher retention rates as they would be less likely to look for another job.

Yearly Salary Reviews

Next, another thing you can do is do a yearly review of salaries to ensure that all of your employees are being fairly compensated. When you conduct these meetings, you’ll be able to closely look at how much each employee is currently being paid and then ensure it is increased to account for inflation. This will ensure that your employees aren’t struggling due to increases in the cost of living.

It is also a great opportunity to reward employees who perform well. If you’re lucky, you’ll have at least a couple of employees that do their best and go the extra mile to ensure that your business is successful and operates extremely well.

You should increase the salaries of these model employees to recognize and reward them for their fantastic work. This will make your employees feel valued and it will make them more interested in their job and more loyal to the company.

Salary Transparency

In most places, there is a stigma when it comes to talking about salaries. As a result of this, many employees won’t feel completely comfortable discussing this issue even if they are in financial distress.

Therefore, it is very important that you strive to be as clear and transparent as you can about salaries. This will go a long way in reducing stigma as well.

One way that you can increase transparency is to have a specific pay structure. This structure should be simple for all of your employees to comprehend and there should be particular wage ranges for various job levels. Be sure to also include all the ways that each employee can increase their job and salary level.

Pay Attention To Mistakes

Sadly, these changes may not be sufficient for some of your employees. In many cases, they may want a promotion that isn’t available or even a new challenge in a new company. So, due to these issues, you may still have to end up sourcing a new employee to fill that vacancy.

Now, when an employee chooses to leave, you should always strive to be supportive of their choice. Always congratulate them and give the necessary documents or references. This will ensure everyone has a good experience and they leave with positive memories.

It is also wise to talk to the employee and find out why they’re choosing to leave. This can be done via an exit interview and it can give you an opportunity to find ways to make good changes to your company for everyone.

Even if you can’t make the changes that your ex-employee suggested, there are surely a couple of small changes you can implement.

Finding A Replacement

The last thing you’ll need to do is find a replacement for your ex-employee. In this stage, you should always provide a fair salary offer to any new candidates and make some of the suggested changes from your last employee.

Always be as clear as you can be about the job and all the responsibilities from the start. This means that you should create a job advertisement that shows all of the tasks as well as the salary.

If you want to attract the best potential employees, you should also state information in the advertisement about your company’s culture, why they should work in your company etc. It is also a good idea to include social media links, your business’s mission statement, vision etc.

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