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Running a business? Help employees with the rising cost of living

The cost of living has been rising dramatically throughout this year, and more price hikes are expected in the coming months. If you’re running a business, there are things that you can do to help your employees manage the crisis. Taking action will not only improve the lives of your staff, but improving employee benefits is likely to improve staff retention, work ethic and productivity, as well as foster a positive relationship between employees and staff.

Pay your staff the real Living Wage

The most important thing that employers can do to help employees with the cost of living crisis is to pay their staff the real Living Wage. The real Living Wage was established by the Living Wage Foundation in 2001, and remains the only rate of pay based on living costs. Businesses can sign up to the Living Wage Foundation and commit to paying their staff a wage that is based on living costs.

10,000 businesses in the UK are currently offering employees the real Living Wage, including Google, Nationwide and Transcendit. You can find out more about the real Living Wage, and why your business should sign up here.

Help out with transportation, or go hybrid

The cost of petrol has skyrocketed over the last year, leaving commuters struggling. There are a number of employee benefit schemes that can help staff with their transportation to and from work, most of which use salary sacrifice. 

The Corporate Metro Season Ticket scheme from Nexus allows employers to buy discounted Metro Season tickets on your employees’ behalf, and recover the costs using salary sacrifice over the year. This allows staff to spread the cost of an annual ticket whilst accessing the saving benefits. There are a number of public transport companies which offer similar schemes, so you’re likely to find one that works in your area.

The Cycle to Work Scheme is a government scheme, allowing employees to save money on bicycles and equipment. It's an annual tax exemption, whereby employers can loan bikes and equipment to their employees as a tax-free benefit.

Businesses can also help employees by taking their company hybrid, and allowing their staff to choose whether they work from home or work in the office, cutting out commuting costs completely. If you’re thinking about going hybrid, check out our article on Windows 365, and how it can help your employees wherever they’re working from.  

Bring the benefits

Having a comprehensive benefits package is a great way to help employees with the cost of living crisis, whilst also attracting new talent, increasing staff retention and improving the relationship between employees and management.

Financial planning and giving employees access to free advice can be a great benefit to employees. Whilst the cost of living crisis isn’t a financial planning issue, having an experienced financial advisor to speak to can help employees to feel more in control of their finances, and get through financial difficulty.

Businesses can also consider offering benefits that allow employees discounts on the things that they purchase regularly, which will help to bring their overall costs down. Employers can sign up to an employee discount scheme, and employees can start receiving discounts on their grocery shops, retail, gym memberships, health and wellbeing services, and more.

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The Transcendit Way

Transcendit understand that when you choose to work with us, whether we're taking care of your IT, app or web development, you're trusting us with part of your business. So whether we're looking after your computers, phone systems or servers we always do things 'the Transcendit way'.

The whole of our team adhere to the same values, beliefs and policies - the principles that were written when Transcendit first formed in 2000. Whether you come to us for cloud services or recovery backup you can be confident that you'll always receive the same excellent service.

The Transcendit way outlines how we do business; following the same straightforward principles with every client and customer, regardless of how big or small they may be.

That means we get to know you and your business. We offer you a friendly, professional and efficient service, and we'll always be honest with you.
We understand that not everybody speaks fluent IT, so we try to explain things in a way that is simple and clear. We always spend as much time as is necessary explaining things to you.
If you need to talk to us about something, no matter how insignificant, we are only ever a phone call away – and we’re never too busy to make you a cup of tea and have a sit down with you in person.
We understand how frustrating it can be when things are late. When we schedule an appointment with you, we are there when you’re expecting us. If something prevents us from getting there, we always call you in advance to let you know.
Sometimes things can go wrong, but we never lie to you or try to cover something up. If things go askew we tell you what’s happened and how we plan to prevent it affecting your business.
We want you to continuously benefit from working with us. We regularly discuss your business and make suggestions for improving systems and processes wherever we can – but we never try to push you into a purchase.
When we quote a fixed price, that's always the amount we charge – you won’t find any nasty surprises on a bill from us. If you are paying by time and materials, we inform you if our approximations could change.
We understand the importance of privacy for your business and your customers. We respect the confidentiality of your data, and we will never pass on your information to third parties.
We appreciate it when you take the time to give us feedback. A system called CustomerSure records our client's responses, so you can trust that our reviews are from real people.
Find out what they're saying here.
Your team have been superb! Quick to respond. No hassle. They just get on with the job. After a well-planned and executed Microsoft 365 migration I have been firing out emails as teething problems have arisen and they have turned the requests around pronto. Not to mention being carried out in a friendly yet professional manner. Just amazing performance! Rosie Malcolm-MacEwan

Based on 9849 reviews our customers rate us 9.8/10. Reviews and ratings by Customersure. 27-August-2021

Transcendit are proud sponsors of CHUF, the Children's Heart Unit Fund.

Transcendit is a Living Wage employer