Responding to the cost-of-living crisis

Inflation and the cost-of-living crisis are causing huge challenges for people and businesses. The increase in consumer prices has led many employers to offer wage increases in order to attract and retain employees. But with recession looming, firms also need to think longer term.

In the midst of the cost-of-living crisis some employers, worried about the impact on their workforce, are offering significant pay rises. This is understandable, given the post-pandemic battle to attract and retain talent.

However, there are other ways to help employees; for example, with more attractive benefits and flexible working arrangements. How you support your people depends on the unique make-up of your organisation – what makes it unique. We call this ‘Employer DNA.

While it’s important to support employees in the short term, many employers are also keenly aware of the risks and challenges over the longer term. With recession looming, there is a crucial need to look beyond simply salary increases, in order to avoid a “bubble and bust” situation.

Hear from our experts, Matt Tickle and Julia Turney, as they discuss the economic and market outlook. 

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