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How could the cost of living crisis affect a family in your organisation:

• a variable rate interest only mortgage of £200k will have increased interest payments of £250 a month
• food bills of £100 a week will have an increased food bill of £50 per month
• with average energy usage of £100, a month will have an increased energy bill of £90 per month.

                                                                                                        (source: Profit Impact)

Here are some strategies for you to consider:

1. Become a London Living Wage Employer by paying minimum £11.05 (new Living Wage to be announced on 22 September) and get accredited by Living Wage Foundation.

2. Review or implement employee discount schemes, for a list of suppliers click here.

3. Where possible let your employees work from home or allow hybrid working to help reduce travel costs. Think about those working from home, how you can further support them financially i.e. contribute towards their energy costs. 

4. Budget for one off direct cash reward/bonus – but do check with your employees if they are on low income, that it does not affect their Universal Credit payments or other benefits. 

5. Offer practical money advice budgeting support/counselling/1-2-1 coaching – if they are Newham residents sign post them to Our Newham Money and where possible allow staff to attend meetings if required during work time. 

6. Set up a salary sacrifice scheme - an agreement to reduce an employee’s entitlement to cash pay, usually in return for a non-cash benefit, examples can include:

• childcare support
• bicycle schemes
• electric vehicles
• pension schemes
• retraining courses
• gym, health and dental plans.

7. Signpost anyone who has indicated emotional or practical support to free online tools, such as Balance, Money Helper, Money Dashboard.