The cost-of-living crisis, fuelled by a range of economic headwinds, has seen businesses and their employees alike suffer from a severe loss of spending power, with the impact being felt throughout global HR departments.
In the United Kingdom, a record number of households are set to see their biggest decline in income in half a century, and this is set to cause a series of problems for businesses that are dependent on consumer spending power remaining high.
For businesses, the challenge of staying afloat can be a priority, but it’s equally important that you seek to support staff members in need during such a challenging time. Office for National Statistics data shows that seven in 10 adults are actively seeking to spend less on non-essential goods, while over 20% are borrowing more money or using credit on a greater scale than before.
Dispatches From The Front 