Maximising employee retention through the cost of living crisis

The poverty rate has risen this century in the UK to a shocking high of 17.4%, with ethnic minorities and women, who make up the majority of workers in insecure roles, bearing the brunt of low pay and the associated stress and associated mental and physical health consequences. Few have any substantial savings, and most are living payslip to payslip.

Low-paid employees are struggle to cover bills

The cost of living crisis, which has seen unmanageable rises in the price of fuel, food and energy bills, is only exacerbating this situation. Workers, especially low-paid employees are struggling to cover bills. 20.4% of women are paid below the real living wage. And only 5% of all workers feel their employers can be trusted to support them through the crisis.

Organisations are struggling with rising operating costs 

Businesses are of course also struggling with unprecedented rises in operating costs and the possibility of one third of the workforce prepared to leave their roles for better paid positions will only exacerbate the already soaring costs of running an organisation.

What additional employee benefits should businesses be exploring? 

With 17% of employees already resigning for better pay, employers should dig deep to at least meet a pay rise in line with inflation. Such benefits as free breakfast and lunch, childcare vouchers, assistance with commuting costs, interest-free loans and support in the form of financial education are the minimum benefits to consider in these difficult times.

The healthcare, social care and public sector employee are set to suffer most, with few workers receiving a rise of above 5%. As well as fuelling the growing social inequality on the UK, the long-term effects of stress and financial uncertainty will have a deleterious effect on the workforce in these most important sectors, leaving the country at yet more of a disadvantage health-wise and socially.

A new programme that explores innovative ways to minimise attrition 

Smart employers are exploring innovative ways to support their staff such as discounts off groceries, cash plans to help with unexpected medical costs, education on budgeting, savings and pensions, gift cards and cycle schemes.

Our new course will examine a range of ways to minimise attrition as we approach the winter months. This critical one-day summit will look at practical ways to tackle the issue head on. 

Article written by Elizabeth Smith, Director of Research 23.08.22

Supporting Employees through the Cost-of-Living Crisis Conference

A programme that brings together workable and innovative solutions-based strategies, helping to retain and support ALL employees during the tough times to come. 

Speakers from REC, Living Wage Foundation, Smile Time, Shields, University of Liverpool, University of Greenwich, Sage Publishing and the TUC.

Explore the full agenda  

• Supporting Employees Through the Cost-of-Living Crisis Conference - 17th November '22