How to support your startup team during the cost of living crisis
There can be no denying that the current cost of living crisis is difficult to ignore. We're all being impacted in some way - whether it's mortgage interest rates, energy prices, or the cost of our weekly shop.
With a recent survey from CIPD indicating that one in four employees feel that financial worries will have a detrimental impact on their ability to do their job effectively, it's more important than ever for employers to do their bit in supporting their staff during these unprecedented and particularly challenging times.
If you're a startup and you're keen to help alleviate the pressures that your team may be feeling as a result of the current financial crisis, here are a few ways that ought to help you do just that. And for a little additional inspiration, we've highlighted some other startups that have already taken such steps for the benefit of their teams!
Practical financial support
Let's face it. Having a little extra in the bank account every month is probably the biggest wish of most employees at the moment. Therefore if it's feasible and you are able to provide an additional payment to your team, it would certainly be welcomed. Whether that's a one-off payment to help with the current crisis, or an additional premium paid over a number of months, it's entirely up to you. What is clear is that your team will be grateful for the financial support.
As you may have seen recently, Monzo, the online banking startup, is offering a £1000 payment to any of their employees who earn less than £40000 a year. They've recognised the need to provide a little extra support at a time when it's most needed. Likewise, Ogi, the broadband company, has introduced a £1200 payment for around 70% of their employees which they will each receive over a 3-month period.
Focus on financial wellbeing
Whilst additional payments will be welcomed in the short term, it's also important to look at the bigger picture too and try to improve the overall financial wellbeing of your team to help them both now and in the future. Therefore if you haven't already got a dedicated financial wellbeing policy in place, now is the right time to do so.
That could mean providing your team with access to a dedicated financial wellbeing platform, such as Wagestream or Level or perhaps incorporating financial education as part of your company culture. This could be anything from hosting workshops to help your team with budgeting and money management, or providing them with access to specialist advisers on savings or pensions. Your core goal should be to increase their knowledge and provide them with tools and resources that will not only help support them at the moment but will also serve them well in the future.
In terms of what other companies have been doing, Oddbox, the wonky fruit and veg startup that fights food waste, has recently provided their team with access to Mintago, the financial wellbeing platform to help support and empower them on all things finance. Likewise, Sipsmith, the gin startup has sought to improve the financial literacy of their team by providing them with an all-in-one financial wellbeing solution provided by Bippit.
Mental wellbeing matters
Since there are clear links between financial wellbeing and mental health, it's also important to address the mental wellbeing of your team to ensure they're able to withstand potential pressures and challenges caused by the current cost of living crisis. You could, for example, introduce mental health first aiders to the business, provide access to dedicated counseling services or add an Employee Assistance Programme to your core benefits package.
Review and revise your benefits package
If you haven't updated the benefits and perks you offer your employees in a while, then now is the perfect time to do so. For example, if working in the office is still essential for your team, then make sure you consider ways to cut the cost of their commute - whether through discounted travel or season tickets or by introducing a company cycle-to-work scheme.
Also, if you haven't already implemented a flexible working policy for your team, then you certainly should do so now. By enabling them to work on a hybrid basis, with a mix of days at home and in the office you won't simply be helping them to save money on a costly commute or perhaps on pet sitting or childcare fees but you'll also be helping them save time too. This flexible approach is a benefit that most employees will value above many others at present.
In addition, you should also look at incorporating benefits to support your team's general health and wellbeing. That won’t simply be providing healthy office snacks but could be anything from subsidised gym membership, onsite yoga classes, or insurance schemes to cover health and dental care. It all matters. Every step you take to help alleviate potential financial pressures on your team will be a positive one. After all, it will help your employees on a practical level, will boost staff morale and wellbeing, will help retention levels, and will also help attract new employees when you're recruiting!
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