Spiralling interest rates and inflation means that for many employees the pound in their bank isn’t stretching as far as it was. Many employers feel a genuine duty of care to ensure that they are as supportive as possible during times of hardship, yet at the same time offering a salary hike may not be a realistic possibility for the business. Here are some ways that organisations in the sector can help support, while not pinching from the bottom line.
Talk about it: Many people find it hard to admit they are struggling financially let alone share their burden with others. Responsible employers can help ease the discussion by opening up appropriate communication channels. In a larger organisation this may take the form of an Employee Assistance Programme (EAP) while in a smaller business this might mean providing a mentor or informal meet ups, either off site or in a hang out area of the office. Those water cooler moments may not only spark creativity but may also provide the platform to unleash concerns.
Salary sacrifice schemes: Tax-free benefits can be applied when employees volunteer to surrender part of their wages. Some employers will offer the purchase of, for example, bicycles under this scheme as well as childcare vouchers or cars. This can be a great way to help employees pay for big ticket items in the most cost-effective manner.
Discount schemes: Similarly, employees can and do offer their staff discounts on the things that matter to them. This may include discounts for key retailers, restaurants, gym memberships or days out and more. Some even offer improved rates on mortgages.
Improved statutory pay: Employers may consider reviewing their statutory pay policies. Those going on parental leave will appreciate pay above the minimum requirements for example. This may also apply for sick pay.
Flexible working: A big expense to workers is the commute. Applying flexible working practices that allow employees where possible to work from home some days can help ease unnecessary travel costs. This may not always be possible for the range of all horticulture roles but where admin plays its part this could be considered.
Free meals/food: Providing a free lunch helps many with the cost of food but where this is not possible, free tea/coffee or fruit bowls can help. Discounts on local eateries where employees can buy their lunch at a saving is another option to consider.
Promote pensions: When salaries are squeezed, the workforce will often prioritise the here and now but employers should promote pensions and sacrificing at source. Often employers will match part or all of an employee’s pension contribution. When employees decline this benefit, they are turning away an extra payment.
Spend less and earn more: Educate your employees on ways to spend less and earn more. This may be simple financial planning training, in terms of setting a budget, writing a shopping list and swapping utilities providers but it may also involve learning how to plan for holiday costs or house improvements. There may also be ways employees can earn more at work, whether this is providing the opportunity for them to do extra shifts or allowing workers to work a second job whether that is temporarily or permanently.
Champion wellbeing: Financial concerns can become all-consuming but it’s important that employers promote exercise and a work/life balance perspective in order that anxieties don’t spiral out of control. Being outdoors for many in the horticulture sector is part of the motivation for working within it, which is a benefit in itself.
It's important that financial care is part of an employer’s wellbeing policies. When finances bite, it’s a huge concern for employees and when this impacts productivity at work it therefore becomes a problem for employers too. Taking a holistic and open approach to offering a helping hand may not cost the businesses bottom line but with considered strategies may make the difference between wellbeing and financial survival or going under.
