Article:

The cost of living squeeze: how are managers responding?

Written by CMI Insights Tuesday 17 May 2022
We asked CMI members how skyrocketing costs have been affecting the finances of managers, their employees and their organisations. Here’s what you told us…
Pound coins next to a electricity meter whose numbers are increasing

The cost of living in the UK was up by an eye-watering 7% as of March 2022, with rising prices continuing to bite for both individuals and businesses. We wanted to find out more about how exactly these rising costs have been affecting managers, their employees and their organisations, so at the beginning of April we asked you to tell us about your experiences in one of our regular Managers’ Voice polls. This is what you said.

The vast majority of managers do not think that the government’s Spring Statement went far enough to help either UK businesses (more than 80%) or employees (75%) with increasing costs.

More than three-quarters reported that the crisis is impacting their team’s ability to do their job in some way

A third of private-sector managers who answered our poll were concerned about the financial strength of their organisation. Employees are not feeling encouraged either: nearly nine in ten managers with direct reports said their team was concerned about the cost of living increase – and more than three-quarters reported that the crisis is impacting their team’s ability to do their job in some way.

Keep reading to learn how leaders are responding to the cost of living crisis

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