The cost of living crisis

Each year, we’ve become accustomed to household bills increasing slightly, however this year is exceptional and there’s no escaping that we’re facing one of the biggest price inflation crisis' we've had in a very long time. 

Like everyone, we’re feeling the pinch too but our focus is our people and we hope that by sharing a little of what we're doing to help, we can help your company and customers too.

So, there's Bill Gates, who reportedly reads 50 books per year and then our CEO Jen Kitchen not too far behind. 

The cons? Jen probably needs to get out more. 

The pros? Knowledge really is power. Jen learns and shares so our team get all the relevant, current information right into their inbox. Anything from tax rebates to energy saving tips, she reminds us of company policies and reassures us that there are always ways to help ourselves. 

Having a consistent, regular person in your company who communicates and shares their knowledge with the whole team is vital, now more than ever.

Is there someone in your team who could take this role on?

Let's cut to the chase, now is the time to make good use of some of the savvy business savings generated over the last few years.

Cash payout

The rainy day is well and truly here. At Yoyo, we've shared some savings so our team can all be given an extra £500 in their pay packet this month to help ease things a little as inflation hits and everything is on the rise. 

Keep rewarding your staff

If you can, keep reviewing and giving out pay rises as normal to lift and motivate your team, they may be a little smaller due to the crisis, but for some, a little goes along way. 

Can you dig deep and find a little extra for your team right now?

So yes, we've given our team a little extra in their pay packets this month, but we aren't naive enough to know that isn't going to help our team solve bigger financial problems. 

We've teamed up with The Finance Hub. We want to provide our team with interesting and insightful information around financial planning and give them a clear idea of the current view of financial markets. We also want them to understand the latest products and innovations available for them to utilise to help manage their finances during these times. 

This is a two hour interactive workshop where as well as gaining general insight, they will be given free, open access to specialists that can help them across a wide variety of financial areas. 

We hope that this extra support and advice session will give our team more confidence in understanding the financial crisis in general, whilst leaving them feeling in control moving forwards as they navigate the next few months. 

Is there any extra training or support you can give to your team to prevent them feeling overwhelmed during this time?

Something as simple as re-sharing your company benefits during this time can have a big impact on your team. It’s easy to gloss over the company handbooks when in the midst of a busy project, but reminding your employees of what’s on offer internally during these times could be crucial.

Here are some recent benefits that have helped our team:

• Salary sacrifice schemes: when childcare costs are on the rise.
• Interest free loans: when you need to get on top of your credit
• Financial planning: 1-2-1 private help with our financial advisor. 
• Confidential free counselling: sharing problems to alleviate stresses.

Do you have company benefits that could be re-shared with your team? They could be a lifeline. 

We know that big world events such as Covid or Inflation can cause anxiety battles on all kinds of levels. Hopefully you're a business already working regularly with your team to help them feel open and happy to talk.

If not, why not?

At Yoyo, we have core mental health first aiders trained to recognise colleagues battling mental health issues. They provide colleagues with the reassurance that the company and people around them, really want to help.

And if we've exhausted all our options, we turn to companies who have our backs - like the Mindful Employer because, we can always learn more too.

Have you checked in with your employees lately?

Events like the cost of living are significant to everyone, but this is why it's so important to avoid battening down the hatches, and invest in the team that will keep your business moving forward.

Soon, there will be a little more light.