The UK inflation rate has been rising at an alarming rate. With prices for food, energy and other goods and services soaring, the British economy has found itself to be in—as the Guardian puts it—”an almighty mess.”
While the Russia-Ukraine conflict is definitely a huge contributing factor, there are other reasons that contributed to this dire situation. The most prominent of which are COVID-19, an energy crisis, labour shortages and additional taxes on households.
With inflation hitting a 40-year high of 9.4%, the UK cost of living crisis is only getting worse. This has of course resulted in a fall in real income. The impact is being felt most by low income groups and those earning minimum wage. Economists at UBS Global Wealth Management believe 99% of British workers are unable to keep pace with the rising prices of food, energy and petrol.
According to a Totaljobs survey, 37% of workers across the country are considering a job change to match up to the rising living costs. On top of that, most employees are stressed at work, which is affecting their performance and productivity.
While the economy might take several months to get back on track, it’s a good opportunity for employers to review their benefits and well-being schemes. Here are four ways to ease the financial burden and burnout your employees are experiencing.