In the eye of the storm
The big squeeze and us.?
With the spring budget out this week, we gathered the bright and (sometimes) outspoken minds of our network for a timely discussion on April’s big squeeze.
The headlines are scary. In fact,?80% of people?are somewhat or very worried about what’s to come.??Anxiety is at its maximum level. Inflation is hitting a 30 year high at 6.2 % and wages are predicted to increase by only 3 %.
Businesses are struggling to absorb the rising cost of their supply chains. The impact of the cost of living crisis is resulting in employers undertaking unfathomable responsibilities for their workforces’ financial and mental wellbeing. We’re already seeing shifting consumer priorities and in many cases, desperation. As one Exchanger commented: ‘We're in the eye of the storm’.?
Here are the headlines from our conversation.
“Making sure people feel informed and in control has to be a business priority. When commodity prices get into a range where we can offer fixed rate tariffs then giving those choices to customers will be really important. When people feel out of control it heightens emotion and stress”. (Leader from the Energy Sector)
Most households in bands A-D are eligible for a council tax rebate from April. Connecting your workforce to useful resources is part of the responsibility of an Employer that cares.?Here’s more information?on how to apply.
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A global health insurer feared that one-off unexpected purchases could tip their people into the red. To avoid doorstep loan sharks and extortionate interest rates, they’ve partnered with verified credit unions that offer affordable loans. These loans are assured by the employer. They also have early access to salary schemes.
“We have to do the right thing. Not least, to force the Government to do the right thing.”
There are real challenges around the role of the employer - in both the constantly changing business and people landscape - in a way that keeps people in jobs and hopefully tries to address some of those issues we saw in the pandemic, now we are at risk of a greater divide.
It’s now nearly two years since we gathered virtually at our first Exchange event, having just gone into Lockdown. With no idea what the future held, we prioritised community, persistent exploration and the collective desire to do the right thing.?
We triumphed then, weathering the storm a hell of a lot better than we thought we would. It might be an uphill climb but there is hope now, too.?
We encourage open discussions at our Exchange events, and always share our learnings. For that reason, we haven’t attributed any quotes to our Exchange Leaders, apart from contributions from our team.
We like people who challenge, debate and push our thinking forward. If you do this or like to hang out with people that do, please join us at our next event - Exchange: Great Expectations. We also write books -?register free here.
Jassi?leads Marketing at Innovation and Design Company?Fluxx + magneticNorth.?We help design better futures; working collaboratively with national and multinational companies, start-ups and disruptors, government and infrastructure.
Magnetic is B Corp ??? On a mission to design better futures ? We're hiring!
2 年Hannah Silverstein