Firm offers money-saving workshops to its staff to face the cost of living | New
The Midlands company said it had a “moral responsibility” to help employees cope with the rising cost of living as inflation continues to hit historic highs.
Like many other legal firms, Higgs LLP will pay its 180 staff a one-time payment to deal with rising bills, but the firm will also go a step further by holding training sessions to help people manage their finances.
Additionally, Higgs has launched a disaster relief fund that will provide financial support to its residents on a case-by-case basis.
The measures come as inflation hit 11.1% today – the highest figure since October 1981 – with households and businesses told to cut spending as the UK prepares to enter into recession at the end of the year.
Higgs LLP will pay all of its employees an extra £500 to help with rising costs, but said it wanted to go further in supporting people over the next few months.
Sophie Wardell, the firm’s director of human resources, said: “The cost of living crisis is the subject of relentless discussion in the news and on social media, so it is inevitable that many people will feel stress and financial anxiety during this turbulent time.Not only will it affect people’s personal life, but it will also lead to emotional fatigue and impact on their professional life.
“An ethical employer is one who recognizes that there are people in the business who are struggling and offers both practical and emotional support. That’s what we strive to do.
Higgs arranged for an outside Better with Money organization to visit the business in December to run workshops to help people be more efficient with their budget, as well as money-saving tips.
The Higgs Hardship Fund will provide financial support to staff on a case-by-case basis, whether they face a relatively small, low-key problem with their finances or a larger challenge like a broken boiler. The company says it has an “open door policy” for anyone in need of assistance.
Wardell added: “These are real, tangible examples of the steps we are taking to help ease the financial burden on our people. Hopefully, people will learn financial skills and habits that will serve them well for the rest of their lives, which can be really empowering.
“There are other initiatives companies can consider to help, but the most important thing an employer can do is provide people with the flexibility and environment to speak openly and honestly.”