The cost of living is on the rise, and so has the pressure on employees to keep themselves and their families afloat. YuLife conducted a survey in partnership with HR Ninjas and YouGov in order to better understand how HR, and employees, view the cost of living crisis – and the support that workplaces give their staff. Based on the results, we asked Paul Caudwell, Client Success & Wellbeing Specialist at YuLife and Lizzie Henson, founder of HR Ninjas Facebook group, the UK’s largest free online HR community with more than 24,000 HR professional members, to share their opinions on the cost of living crisis.Who is feeling the highest effects of the cost of living crisis? “About six months ago, we started to see posts coming through [the HR Ninja Facebook group]- alluding to this impending cost of living crisis. People were saying,‘this is coming’.”“The demographic is heavily reliant on [the income earned through] overtime work, as a rule.” Says experienced Wellbeing Manager, Paul Caudwell. “And so as business comes under pressure and overtime is less available, it puts constraints on the amount people can earn. And therefore the need to earn more becomes a big pressing matter for them when they can’t earn it in the places that they used to.”Paul notes that this particularly impacts part-timers. “People who work part-time and who are lower paid, tend to manage money week to week. It’s very hand- to-mouth and one small shift in earnings can make a massive difference.”Further, the impact isn’t just felt by employees – there’s also a significant impact on the wellbeing of HR professionals, as they feel an increased pressure to support those struggling with the crisis…Is it the responsibility of workplaces to provide financial wellbeing support? “I really feel for the HR tribe. In the [HR Ninja] Facebook group we've got 24,000 HR professionals, [and]. coming off the back of the pandemic, and then the cost of living crisis on top – I'm seeing post after post from HR professionals that are really struggling with their own mental wellbeing, and that feeling of burnout,” she says. Lizzie points out that the survey results clearly show that there are “around 91% carrying that weight and that burden of ‘I've got to help everybody else with their cost of living and with their wellbeing!’.”“[This idea] has probably moved more over the last few years than ever before.” notes Paul. “Beyond paying the wage and the benefits package that comes with it, money matters [had] nothing to do with your employer.”However, today, “the lines are becoming more and more blurred, particularly because of the impact that those things have on the person in the workplace”. Paul also noted how people are realising something going on outside of work also shows up at work – and therefore the employer has a responsibility to help them. Are HR professionals doing enough?The survey results showed that 58% of employers believe their workplace is an environment where people are safe and free to share their financial stressors. However, 66% of employees don’t feel comfortable telling their employers about any financial hardships they are facing. Many companies try to proactively tackle this by employing more benefits in the form of Employee Assistance Programmes or policies.However, even with the presence of benefits or policies that could help, “There’s clearly a divide between those who know about the policies available and those who use them. It’s either a feeling of stigma around the subject of finances, or poor communication as an organisation – maybe even a bit of both.” says Paul. On the communication side, Lizzie points out a valid argument: “What's the point of having an [employee benefit] if people don't know they've got it? It's probably not a benefit if people don't know that it exists. And you know your employee benefits [are] such an important part of your total employee offering, so it's really, really important to bring those to life for people.” Lizze notes that it’s “not only making [people] aware of it, but actually ‘what does that mean for me in reality.” When it comes to the taboo in the workplace, Paul points out that “If you think of the journey mental health has been on, in terms of breaking down the stigma, the barriers and the taboo – money is still back there in the corner having not gone on that journey. So [talking about money] is somewhere behind mental health in terms of people being prepared to be open about it. Now employers are starting to break that down.” “I’m absolutely sure that those HR professionals who are saying they’re creating the atmosphere genuinely feel that they’re doing that,” he says. “Whether the employees feel that – that takes a little bit to establish.” What does good communication look like between the employee and the HR professional?“You’ve got to be open. You’ve got to be vulnerable, You’ve got to be transparent,” says Paul. Not only if you’re trying to build a positive dialogue around financial struggles in the workplace, but also about the general support that your organisation offers.Paul says: “if you’ve got an employee benefits program in place already, talking about how that can help in the current situation is helpful. How can your EAP help relieve money worries?”Lizzie notes how “the cost of living crisis is far bigger than anything that the HR team, or a single organisation, can seek to try to fix. I think that there's a huge piece here around helping people to be more educated and aware of personal finance.”“It needs to be something that people are happy to talk about. [Employers] can create a culture and an environment where it is okay to put your hand up and just say, ‘I'm actually really struggling this month, an advance on my wages would be super helpful’.”What does “help” look like? What should HR be doing? 1) Check on your resourcesThat is the hardest question of all,” says Paul. “The first thing is: can you afford to do something?”“I think there's a whole spectrum of things that can be offered,” says Lizzie. “And I think that's very dependent on the culture of the organisation. I think it's dependent on the budgets and how much money is available.” 2) Be human and honest“If you’re the employer that can’t afford to do anything, the least you can do is be honest about it,” says Paul. And to simply speak out by acknowledging: “‘we know what’s going on for you – we hear it – we can’t do anything but here are some things you can do. There’s lots of stuff out there that you can point people towards as good quality resources”. “My number one thing will always be ‘act with humility and be human,” says Paul. If you’re the organisation that genuinely can’t afford to do something big, then to say it means more than anything. People will understand that because you’re honest with them. I think people miss that sometimes in organisations”3) Take the time to understand your employees and what would create real impact for them“If you’re going to do something, it needs to be meaningful. Ask yourself, ‘What’s going to make the biggest difference?’ “We’ve seen lots of press around employers giving one-off payments to staff. That's great if your employees aren't on Universal Credit, or state benefits. If you’re on Universal credit or state benefits, it will hit your bank as part of your pay. So what employers are doing for employees may or may not be right depending on their circumstances.”“However, there are other things that your organisation could do to help support those who wouldn’t benefit from one-off payments, says Paul, “like shopping vouchers, incentive-reward type arrangements where the person gets is the value. It really is about knowing your people and what’s going to make the difference for them.” “Try to be a bit of a good-all-arounder,” says Paul. “Money impacts mental wellbeing, so make sure your support is targeted around the whole being. If someone has money worries, can you help them with the money worries, but can you help them with the emotional impact as well? Do your policies and processes align up to support them? Do they allow them to take half an hour out for that counseling session? Or to see someone about some debt guidance? It really is about looking after the whole person.”4) Create a space for employees to be open and vulnerable“I think if you can create an environment where people can be their true selves and be honest about what's going on, you've got half a chance then of helping them,” says Lizzie. “Even just sharing hints and tips on what you're doing personally to save money – it's free, but it's so massively powerful for those colleagues.”“Where I would place money is somewhere behind mental health.” Says Paul. “The two should go hand in hand. If you’re worrying about money, it’s affecting your mental wellbeing. The two things should be talked about in tandem. Talking about worries and things on your mind can be an easier way into a conversation.”5) Communicate what is available and how to access it clearlyWith all that said, Lizzie recognizes the struggle from an HR perspective, and that it may not be so easy to put all of your focus into one area of support: “Unfortunately, when you work in HR, you're damned if you do and damned if you don’t. That is the reality of HR professionals' lives because you can't please all the people all the time. “I'm a great advocate of flexibility with this stuff,” says Lizzie. So rather than doing a broad brush approach of how we are going to solve the cost of living crisis for our colleagues, it's more about ‘these are the options that are available for our colleagues. How do we create a mechanism whereby they can take the things that are most important or most valuable to them as individuals?’.”