How we’re supporting our employees

   With inflation at a 40-year high, rising interest rates and crippling energy costs the cost of living crisis is only getting worse and as an ethical employer we felt we had an obligation and a duty of care to support our Hoopies in any way we can during this time.

   In September we launched our Cost of Living bonus initiative, awarding each employee a £1000 bonus irrespective of title, salary or length of service as a sign of gratitude for their continuous hard work and loyalty to the company.

   Hoop was founded six years ago on the foundation of putting people first, and that’s exactly what we intend to do. As well as implement our Cost of Living bonus initiative, we’re also working closely with our clients offering advice and support in the different ways as to how they too can support their workforce.

How can you support your employees?

A recent poll by the CIPD (2022) found that not only are employees facing financial insecurity due to the rising cost of living, but this is also having a knock-on effect on their performance at work. More than ¼  of respondents said financial issues were affecting their job performance and 20% found that financial worries were affecting their sleep.

So how can you help your employees during this turbulent time?

 1. Pay rises & bonuses

   Starting off with the most obvious initiative of them all we have salary increases. Whilst pay rises and bonuses would definitely benefit your employees and help ease the stress of financial woes, we appreciate the cost of living crisis is affecting companies not just employees, and as a result many companies aren’t in a place to offer these.

   Saying this, you don’t have to be doubling each employees’ salaries to make a difference. According to a recent study by the Living Wage Foundation, the current minimum wage is £9.18 across the UK, whereas the national living wage is £9.90.

   There are multiple benefits to paying your staff the real Living Wage including improving your brand’s reputation and increasing employee retention.

 2. Employee Wellbeing

   After salary, employee wellbeing benefits are the second most important things to employees when seeking a new role. It’s important to note employee wellbeing is far more than just mental wellbeing, it also includes emotional and physical wellbeing of the employee.

   In April 2022, Hoop launched our bespoke candidate wellbeing package, which includes free resilience training to support our staff in stress management. We also hold quarterly coffee mornings for each division, where candidates get a chance to socialise with their peers, as well as express their opinions and discuss the struggles they find in day-to-day work, whilst offering support and advice to one another.

3. Benefits

   Employee benefits are non-cash provisions within the employee package, although they can have a financial cost for employers, such as all expenses paid holidays or company cars.

   Whilst benefits like these are great if you have the resources to provide these to your workforce, there are many other benefits with nominal costs that your employees will be extremely grateful for, such as dental cover, free eye tests, gym membership discounts or even the opportunity to be able to buy back unused annual leave.

4. Review your financial wellbeing policy

You might already have initiatives in place, and an excellent benefits package but ask yourself this, do your employees know what help is on offer and how to get it?

If your answer is no, consider a cost-free internal marketing campaign to remind your employees of what help is available to them.

5. Hybrid working

Giving your workforce the flexibility to work between home and the office enables them to decipher what is more cost effective for them, working in the office saving money on electric at home or working from home and saving money on travel.

If you’re an employer looking for more ways to support your staff, please feel free to browse the resources below:

https://www.cipd.co.uk/knowledge/culture/well-being/cost-living-crisis

https://makeadifference.media/financial/cost-of-living-crisis-how-can-employers-help/

https://www.moorepay.co.uk/blog/10-ways-to-support-your-employees-with-the-cost-of-living-crisis/