Cost-of-Living Action Plan for Businesses
This cost-living-action-plan sets out 12 calls to action that will form a significant part of how Business in the Community (BITC) and our members drive responsible business over the coming months.
Through collective action, we can create more resilient and innovative businesses and communities across the UK that are better prepared to respond to the cost-of-living crisis and future challenges.
The information within the action plan collates the knowledge and data received from our network of members. The first three briefing papers provide tangible actions for employers to support employees.
Why businesses must support and how they can
Households are already cutting back on non-essential spending, reducing their energy use, and relying on savings and additional borrowing to make ends meet. Lower-income households are even more at risk as many do not have savings or cannot borrow.
The financial resilience of households and businesses is already low following the pandemic, as well as deeper structural challenges around high housing costs, low productivity, a widening skills gap, and increasing childcare costs.
Download the action plan for a suite of links to documents that offer practical support and guidance on supporting your employees, customers, your community and suppliers.
If businesses get their response right, there are opportunities to
- build trust and engagement with your employees and contractors at a time when they will be worried.
- improve the resilience in your community and your supply chain to external shocks, and strengthen relationships.
- create a competitive advantage by pivoting quickly towards more affordable and sustainable products and services.
- improve your stakeholders’ view of your brand by delivering a credible response.
Take action with Business in the Community
- More information on BITC events and advisory support is available on the Cost-of-Living Hub.
- Subscribe to receive the BITC newsletter
WE CAN TAKE YOU FURTHER ON YOUR
RESPONSIBLE BUSINESS JOURNEY
Statistics featured in the infographic unless otherwise stated, are from YouGov Plc.
Please view the press release for full details
8 in 10 – The Food Foundation 2022
One-third of children live in poverty – DWP