Many clients have contacted us with this question in the last month, and there really is no right or wrong answer to this question, it really depends on whether your business can afford to or not!

• If you have the cashflow to do so, you may want to consider a “one off” payment as a lump sum, or an uplift in salary for an agreed period of time. What’s important is that this is clearly communicated as a one off, or gesture of goodwill, so that it is not considered as a salary increase and therefore expected on an ongoing basis. Just ask us if you need help wording something to this effect.
• You may want to review your salaries overall – are they keeping up with inflation and the market, are they competitive?
• Have you reviewed your benefits recently, and if not, could you afford to enhance your employee benefits and offer benefits that at the moment employees may value, such as gift cards for their favourite supermarket or a meal out as these may become luxuries that they can no longer afford.
• Think about financial stress as an “employee wellbeing” issue. If you have employees who are stressed and worrying about paying their bills or putting food on their tables at home, they won’t be able to perform at their best. Having an Employee Assistance Program (EAP) in place will ensure your employees have someone to talk to. You could also signpost employees to the debt management charity; www.stepchange.org