With UK inflation running at almost 10%, and salary budgets for GP practices rising by nowhere near that amount, it’s reasonable to assume that household budgeting is getting noticeably harder for most staff. Even prior to this year’s sudden inflationary rises, more than one in five people in the UK were living in poverty. What has been dubbed a ‘cost of living crisis’ in the media, will indeed be a crisis for many families. Employers up and down the country are dusting off old strategies relating to financial wellbeing, and wondering what, if anything, they can do to help. This blog briefly explores some of those ideas.

A small word of warning…

Remember that financial wellbeing is an intensely individual and often sensitive subject. Practice Managers who are rightly keen to support and advise their teams on these matters need to beware of perceptions that they’re patronising lower-paid staff regarding money management, or focusing on narrow solutions which deliver few real benefits. As with all wellbeing issues, organisational strategy must focus as much on listening to different stakeholder perspectives as it does on coming up with new ideas.

So after reading the tips below, perhaps don’t dive straight in and launch them, but consider getting feedback via an internal staff focus group or anonymous survey first? Find out which things your own teams think would be most impactful in the workplace.

More money!

It’s obvious but true. There’s nothing as good as a simple wad of cash for alleviating financial worries. Many employers are awarding higher-than-average cost of living salary awards this year, and/or giving out cost of living bonuses. This extra money will in most cases be appreciated and used.

But GP practice budgets will only stretch so far, and there are risks that not all this money will go to the staff members who need it most. For example, a % salary uplift will benefit high earners more than lower earners. Plus, those on Universal Credit or other government benefits are likely to see those reduce to some extent as their earnings rise. (Note: official Universal Credit guidance states that such benefit reductions will always be lower than the overall amount by which an individual’s salary rises.)

Non-cash benefits

There are also ways to ease people’s budgets that don’t involve a pay increase. GP practice staff should be eligible to apply for a Blue Light Card which provides some excellent discounts with high street and online retailers. If they wish, Practice Managers could also consider some of the commercial providers of employee discount schemes and/or health cash plans. Some staff struggling with rising petrol costs might benefit from a Cycle to Work scheme, and those who find saving difficult might appreciate a payroll deduction scheme for a reputable credit union (which also provides access to cheap, ethical loans).

Even simple offerings, like free food in the staffroom, can be beneficial. Just make sure that food is available to all practice staff rather than being targeted at particular individuals/groups, otherwise it becomes a taxable benefit.

Mental health

Financial worries often impact heavily on people’s mental health. Managers can support this through patience, listening, and sensitive questioning when something doesn’t seem right. If you don’t have them already, perhaps consider getting some trained Mental Health First Aiders into the workplace? This is also a good time to consider signing up to an Employee Assistance Programme (EAP), or reviewing the offerings of your existing one. Many will provide face to face counselling for staff who need it.

Hints and tips on money management

This is perhaps the area where involvement and consultation, rather than management lectures(!) are most beneficial. Ask if staff are willing (anonymously or otherwise) to share where they think they might have gaps in their knowledge as regards topics like budgeting or debt management. You can then signpost people to reputable sources of information and support – possibly including your EAP provider.

Another way of sharing advice is to encourage staff to pool their personal tips on reducing bills, good discounts, preventing waste, etc. This puts staff in the driving seat to support themselves and their colleagues with dignity.

The future ahead

It looks like we will be stuck with rising prices for some time to come, so financial wellbeing will remain a live issue for employers. Would you like more articles and resources from Practice Index on this and similar topics? Do you have any ideas on what those should include? Please comment below and let us know!