Helping With The Cost Of Living Crisis - with Charles Cotton CIPD

Charles Cotton is the senior adviser for performance and reward to the CIPD. He directs its reward research agenda and recently produced a survey on UK reward management. Charles joins Lucinda to discuss issues surrounding the cost of living crisis, and what we can do in an HR capacity to help people during this time of upheaval. KEY TAKEAWAYS The cost of living crisis is so difficult because it is caused by a variety of factors: the war in Ukraine, the hangover from COVID, supply issues, extreme weather, food production, plus economical issues. This makes it incredibly complex in terms of a solution. Poor financial wellbeing for employees will have knock-on effects for the organisation itself, such as mental and physical health, affecting work performance. This can make financial incentives by the organisations worth the investment. The most common reason cited by employers when adopting the fair living wage, is that they feel it is the fair and right thing to do. There are other ways to benefit employees through this time of crisis. Benefits such as help with groceries, transport and childcare can prove more beneficial in some cases than simple money. BEST MOMENTS 'It's a very big issue. It's also a very complex issue' 'There is a business case for spending more on your employees' 'Not only do money worries affect employee wellbeing - they can also affect employee and organisational performance' 'It can cost employers less to buy these benefits that for staff to buy them themselves' VALUABLE RESOURCES The HR Uprising Podcast | Apple | Spotify | Stitcher   The HR Uprising LinkedIn Group How to Prioritise Self-Care (The HR Uprising) How To Be A Change Superhero - by Lucinda Carney HR Uprising Mastermind - https://hruprising.com/mastermind/   www.changesuperhero.com www.hruprising.com           Charles Cotton at CIPD - https://events.cipd.co.uk/events/blog/speaker/charles-cotton/ About The Guest, Charles Cotton CIPD Charles Cotton is the senior adviser for performance and reward to the CIPD. He directs its reward research agenda and recently produced a survey on UK reward management http://tinyurl.com/nk8zat5. He is also responsible for the CIPD’s public policy work (http://tinyurl.com/6jgrhmf) in the area of reward and has given evidence to select committees on banking pay executive remuneration and politicians’ expenses as well responding to various consultations, such as on pensions, retirement and corporate governance. Charles Cotton at CIPD - https://events.cipd.co.uk/events/blog/speaker/charles-cotton/ ABOUT THE HOST Lucinda Carney is a Business Psychologist with 15 years in Senior Corporate L&D roles and a further 10 as CEO of Actus Software where she worked closely with HR colleagues helping them to solve the same challenges across a huge range of industries. It was this breadth of experience that inspired Lucinda to set up the HR Uprising community to facilitate greater collaboration across HR professionals in different sectors, helping them to ‘rise up’ together. “If you look up, you rise up” CONTACT METHOD Join the LinkedIn community - https://www.linkedin.com/groups/13714397/ Email: [email protected] Linked In: https://www.linkedin.com/in/lucindacarney/ Twitter: @lucindacarney Instagram: @hruprising Facebook: @hruprising HR podcast, The HR Uprising, Diversity, Equality & Inclusion, Learning and Development, Culture & Change: https://hruprising.com/hr-podcasts/