Midlands firm has said it has a ‘moral responsibility’ to help employees cope with the increasing cost of living, as inflation continues to reach historic highs.
In line with many other legal businesses, Higgs LLP will hand its 180 staff a one-off payment to deal with rising bills, but the firm will also go further by arranging education sessions to help people manage their finances.
In addition, Higgs has launched a hardship fund which will provide financial support to its people on a case-by-case basis.
The measures come as inflation reached 11.1% today – the highest figure recorded since October 1981 – with households and companies urged to cut spending as the UK prepares to enter a recession at the end of the year.
Higgs LLP will pay all its employees an extra £500 to help them cope with rising costs but said it wanted to go further in seeing people through the coming months.
Sophie Wardell, HR director at the firm, said: ‘The cost of living crisis is being talked about relentlessly on the news and social media, so it is inevitable that many people are going to feel stress and financial anxiety during this turbulent period. Not only will this affect people’s personal lives, but it will also lead to emotional fatigue and impact on their working lives, too.
‘An ethical employer is one which recognises there are people in the business who are struggling and offers both practical and emotional support. That is what we strive to do.’
Higgs has arranged for external organisation Better with Money to visit the firm in December to put on workshops to help people be more effective with their budgets, as well as offering money-saving advice.
The Higgs hardship fund will provide financial support to staff on a case-by-case basis, whether they are facing a relatively small, discrete issue with their finances, or a bigger challenge such as a broken boiler. The firm says it has an ‘open door policy’ for anyone requiring help.
Wardell added: ‘These are real, tangible examples of the measures we are taking to help ease the financial burden for our people. Hopefully people will learn financial skills and habits that will stand them in good stead for the rest of their lives, which can be really empowering.
‘There are other initiatives businesses can consider to help, but the most important thing an employer can do is to afford people the flexibility and environment to talk openly and honestly.’
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