Cost-of-Living Crisis: How Employers are Taking Action
In October 2022, Business in the Community (BITC) launched its Cost-of-Living Campaign, with an Action Plan that sets out 12 calls to action for business to support employees, customers, suppliers and communities during the cost-of-living crisis. This was accompanied by a survey of BITC members to understand what actions they were already taking.
This briefing/factsheet, cost of living employers taking action, provides an overview of the responses to that survey and draws out key themes and examples of good practice.
Key findings from the survey
- Nearly one in five employers have increased basic pay and provided one-time cost-of-living payments.
- 85% pay the Real Living Wage.
- 92% work in community partnerships to deliver support, including volunteering and direct funding.
- However, just 15% are signatories to the Prompt Payment Code.
The briefing paper gives a broader, more detailed overview of how BITC members are responding to the cost-of-living crisis in line with BITC’s Action Plan for Businesses. The action plan document shares best practice and advice on achieving the following calls to action.
Cost of living employers taking action
- HOW TO SUPPORT EMPLOYEES
1. Pay the Real Living Wage to employees and contractors.
2. Ensure employees have the option to work flexibly.
3. Target support towards your lower-income and vulnerable employees using workforce data and employee engagement.
- HOW TO SUPPORT CUSTOMERS
1. Understanding the needs of your lower-income and vulnerable customers and how the cost-of-living crisis will impact them.
2. Providing products and services that are genuinely affordable to increase choice for lower-income consumers.
3. Innovate to deliver affordable and sustainable products and services.
- HOW TO SUPPORT COMMUNITIES
1. Promote employee volunteering with schools and front-line organisations in local communities.
2. Share goods and equipment with community organisations working with lower-income and vulnerable people.
3. Provide funding for your community partners that is simple to access and increase support where possible.
- HOW TO SUPPORT SUPPLIERS
1. Ensure prompt and fair supplier payment.
2. Support your supply chain to reduce their energy and resource use.
3. Purchase goods and services that are more energy and resource-efficient.
For further information on the 12 calls to action, download the Cost-Of-Living-Action Plan.
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