Money is tight. Various circumstances ranging from the ongoing war in Ukraine to post-Covid inflation levels to UK interest rates as high as 3% (the highest since 2008) ask both employers and employees: what can be done to relieve the pressure?
Ideally, a one-time bonus payment will have the most impact for employers and most cost-effective for employees, which is likely to be: why 15% of UK companies? are planning, or have already paid, such a bonus. But how can smaller companies and those dealing with cash flow problems support employees?
Thinking out-of-the-box and tailoring a non-financial package for each employee is one approach. Here are a few ideas:
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If more money isn’t an option, increasing paid time off can help. By switching from a 40-hour to a 32-hour workweek, or from a five- to a four-day workweek, employees can reduce their childcare or commute costs.
However, this is not a one-size-fits-all solution. While some employees like to spread their extra paid time off over the year, another may want an extra week of annual leave. For employees looking to tackle this topic, look at your spending and see what will have the biggest impact.
Reimbursed travel or lunches
From the employee’s point of view, travel allowances or lunches can help alleviate the financial burden associated with higher energy costs. Meanwhile, for businesses, tax relief opportunities can make the financial burden less daunting.
Discounts and Support
From employee assistance plans that can help those struggling with medical costs to additional discounts such as bike-to-work plans, there are some non-financial benefits included in employee packages that are rarely explored.
Employee benefit plans can help with medical costs such as therapy or physio, while additional benefits can help spread the cost of major purchases such as a bicycle or car.
For employers, increasing discounts and support to include subsidized gym memberships or partnering with local retailers for exclusive discounts can put more money in employees’ pockets. If you are an employee, talk to HR and make sure you understand what you are entitled to.
If your manager is unable or unwilling to offer additional benefits, it may be time to explore new options. Global companies known to treat their workforce well are constantly hiring for the House of Talent Job Board. We have selected three3 ways tech companies can support their employees during the cost of living crisislow to whet your appetite:
POS Development Manager, Kevin.
The roll: kevin.’s advanced A2A payment infrastructure solution is built to quickly convert expensive card payments into payments. As a POS Development Manager you are part of the business development team and you develop external relationships.
The responsibilities: You drive the bill-to-account payments business and analyze markets, competitors, products, and other internal and external data to provide insights and actionable conclusions.
The requirements: You must have experience in POS acquiring or the payments industry as well as demonstrable experience in business development management. In return, you get a competitive salary, a flexible work schedule, full control over your tasks and decisions, plus private health insurance.
Apply for the role of POS Development Manager or explore all the possibilities with Kevin.
Software Engineer, Starling Bank
The roll: As a Software Engineer at Starling Bank, you work with an open software focus on building the tooling that our engineers use every day.
The responsibilities: You are responsible for providing software in a completely original way, such as encrypting it against your own bank account using Starling’s open APIs.
The necessitiess: You have a strong foundation in Java, knowledge of CI/CD and build tools, and a passion for technical productivity.
Apply for the role of Software Engineer or explore all possibilities at Starling Bank.
Technology Architect, Infosys
The roll: As a Technology Architect you contribute significantly to identifying the most suitable architectural solutions for one or more Infosys projects.
The responsibilities: You are responsible for developing application design and providing regular support and guidance to project teams in complex coding, troubleshooting and execution.
The requirements: You have at least seven years of experience in technology consulting, enterprise and solution architecture and architectural frameworks.
Apply for the role of Technology Architect or explore all possibilities at Infosys.