Support your team with this free advice portal
To help employers navigate the current economic challenges, Beacon partner WorkNest has created a free online Cost-of-Living Hub. This portal provides practical advice and guidance on managing the impact of the current crisis and supporting employees - whether you're from a hospitality, care or leisure sector.
UK inflation rate has risen to 10.1%, returning to double digits after a slight dip to 9.9% in August. The figure was last higher in 1982 and is driven by the soaring prices for food and drink, which saw an annual rise of almost 15%. This is the biggest driver behind the latest cost of living increase and the fastest annual jump since April 1980.
The September inflation figure is crucial as it is the one used to uprate pensions and benefits next April, meaning millions of people will see their incomes fall in real terms. With high energy prices, elevated inflation, rising interest rates and global economic weakness meaning the UK economy is expected to be in recession until the middle of 2023, households are facing a sharp squeeze on their incomes.
This is obviously sobering news for the hospitality sector as businesses deal with their own soaring costs whilst customers grapple with less disposable income to spend on leisure activities. However, it also affects the staff that work within the sector. According to August figures the average monthly wage of a hospitality worker had increased by 6.6% since the beginning of the year. However, this still equates to a real term pay cut when inflation is running so high. So, what can you do as an employer to support the wellbeing of you staff during these challenging times?
Well, Beacon partner WorkNest have created a Cost-of-Living Hub, which Beacon members now have access to. Created by their Employment Law, HR and Health & Safety experts, this online portal provides a free source of practical advice and guidance for employers on managing the impact of the current economic crisis, including:
Advice, training and template documentation to help you support the wellbeing of your employees
Guidance on organisational change, including redundancy exercises, settlements and changing terms and conditions of employment
Useful checklists, guides and tips to equip you to continue to fulfil your legal duties when operating a reduced workforce
Support on employee issues, such as increased sickness absence and dips in performance, which can often escalate because of strains on employees’ financial wellbeing
It's no secret that the hospitality industry is facing a skills shortage. With nearly 40% of businesses reporting a shortage of qualified workers, it's more important than ever to ensure you're doing everything you can to retain the talented employees you already have. That’s why this hub is such a useful reference point. Plus, as a Beacon customer, you'll get 10% off WorkNest's unlimited fixed-fee service if you need more in-depth, expert support. So don't wait - head over to the hub today and start keeping your best employees around for the long haul.
Please note the hub has been set up as a reference for all of Beacon customers - not just those in hospitality - therefore it also features information that has been specifically created for the care and leisure sectors too.