37% of NI firms helping staff with cost-of-living crisis
From one off payments and loans to permitting second jobs, local businesses are taking measures to support their employees according to new figures
More than a third of businesses across Northern Ireland are offering additional benefits to staff to help them manage the cost-of-living crises according to a leading Belfast commercial and employment lawyer.
New figures from a recent poll of NI businesses has revealed that 37% are offering either economic or alternative benefits in kind to help staff as the cost-of-living crises looks set to deepen over the coming months.
Conducted by Belfast-based solicitors, O’Reilly Stewart in partnership with the employment law training company Legal Island, the poll found that of those businesses providing support nearly half are offering financial assistance with 42% offering one-off payments.
As well as meeting contractual pay rises, other employers here are offering support through benefits in kind with 19% consenting to second jobs and 8% offering extra hours.
Seamus McGranaghan, director of commercial law at O’Reilly Stewart Solicitors, said: “Families and individuals are facing increased bills and crippling costs that are undoubtedly going to have an impact over the coming weeks and months. At the same time, a turbulent economy, rising energy costs, increasing interest rates and rampant inflation is putting financial pressure on businesses which in turn impacts the support they can give to their workers.
“However, from the results of our poll it is encouraging to see over a third of employers here recognising the pressure that their staff are under with many offering support. From one off payments and loans to permitting second jobs, businesses who are taking decisive measures to support their employees should be commended as they navigate this extremely challenging time.”