In the current economic climate, where the cost of living has skyrocketed by over 11% year on year, it’s essential for job seekers to consider how potential employers can support them during these challenging times. With 1 in 5 working-age adults in the UK now living in poverty, understanding how companies can assist employees in coping with the financial strain is a crucial aspect of your job search.
As a job seeker, it’s important to identify companies that prioritise the wellbeing of their employees and offer support beyond just a competitive salary. Here are some ways you can evaluate potential employers and ensure they provide the necessary support during this period of financial vulnerability:
Flexible Work Policies
Look for companies that offer flexible or hybrid work policies. The ability to work from home, even partially, can significantly reduce your commuting expenses, such as petrol and public transport costs. This can help ease the financial burden caused by the rising cost of living.
Salary Sacrifice Schemes
Enquire about whether the company offers salary sacrifice schemes. These schemes allow you to exchange part of your pre-tax salary for non-financial benefits, such as childcare vouchers, home working equipment, or prepaid cards for specific stores. These initiatives can help you save money by paying less tax.
Financial Support Services
Check if the potential employer promotes financial support services. It’s crucial to know where to seek financial advice and resources when needed. Employers that offer financial advisory tools as employee benefits or direct you to government resources like the Money and Pensions Service demonstrate their commitment to supporting their employees’ financial wellbeing.
Wellbeing Support
Investigate whether the company has an employee wellbeing strategy in place. A robust wellbeing program can provide emotional support during challenging times. Look for companies that offer resources such as counselling, a “buddy” program for employees to connect and discuss issues, and encourage open discussions about financial matters, rather than making them taboo.
In today’s competitive job market, it’s essential to choose employers who not only offer competitive salaries but also prioritise their employees’ overall wellbeing. The rising cost of living affects not only your financial stability but also your mental and physical health. Selecting an employer who understands these challenges and provides support is a wise decision to ensure your long-term job satisfaction and financial stability.
Remember that supporting employees through the cost of living crisis is not just a noble gesture but also a way for businesses to retain their workforce and maintain a productive and content team. During your job search, make sure you prioritise employers who recognise the importance of supporting their staff during these tough times.
