The cost-of-living crisis continues to make its presence felt in all walks of life; headlines this week revealed that subscribers of online streaming services such as Netflix and Amazon Prime are falling in their thousands, with much of the blame placed on a need to cut unnecessary costs. The situation is only going to worsen as the year goes on, and who knows what leisure activities might have to fall by the wayside next.
While this may present a gap in the market for new employee benefits (employer-paid Disney Plus subscription, anyone?), the cost-of-living crisis continues to hit UK households in more serious ways, with food and energy price hikes being the most concerning.
So, what steps are employers taking to support their staff? One of our features this week explored how pay and bonus strategies can be adapted to help employees cope as their belts tighten. One point the article raises is that, at an uncertain time for businesses as well, short-term support such as spot bonuses can offer financial aid to staff without impacting on overall budgets in the long-term. The article also highlights the importance of practical initiatives such as access to financial wellbeing apps that help staff track their pay and understand their spending habits.
This week we highlighted our shortlist for the Benefits professional of the year at the Employee Benefits Awards 2022. It really is a list of outstanding individuals in their field, and at a time when staff need support from their organisations more than ever. Congratulations again to everyone that made it to the shortlist, I’m very much looking forward to celebrating at the ceremony and summer party, which will be held at the Honourable Artillery Company, London on Friday 24 June. There is still time to book a table, don’t leave it too late!