Energy bills are set to head back into the spotlight this winter.
Ofgem is due to announce the next energy price cap by 26 August, covering household bills from October to December.
The final figure hasn't been confirmed yet, but energy market forecasts have already pointed to another rise, with the conflict in the Middle East pushing up wholesale gas prices.
That follows a 13% rise in the price cap in July, which took the typical annual bill for a household paying by Direct Debit to £1,862.
For households already watching every pound, another increase could mean another squeeze on the monthly budget.
And for employers, that matters because financial worries don't stay neatly at home.
Someone worried about how they're going to pay their energy bill may find it harder to concentrate at work, sleep properly or switch off at the end of the day.
They may start looking for overtime, cutting back elsewhere or simply spending more time worrying about money.
Employers can't control wholesale gas prices.
But there are practical things they can do to make sure employees aren't left to deal with the pressure alone.
1. Put financial wellbeing support in front of people now
Don't wait until the October bill lands.
Make sure employees know what financial wellbeing support is available through the business and, importantly, how to access it confidentially.
This could be through your employee benefits platform, intranet, internal communications or a specific campaign around the rising cost of living.
People don't always ask for help when they're struggling with money. Making support visible can remove some of the awkwardness around taking that first step.
2. Help people find the support that's already available
There is help available for people who are struggling with energy bills, but knowing where to start can be difficult.
Employers don't need to tell employees what they should claim or give financial advice. They can, however, point people towards trusted sources of information.
Ofgem says energy suppliers must work with customers who are struggling to pay and may be able to offer options such as payment plans.
That is worth reminding employees about before a missed payment becomes a bigger problem.
3. Don't reduce financial wellbeing to "spend less"
This is where employers can get it wrong.
If someone is already cutting back on food, socialising and other essentials, telling them to make another budget isn't going to solve the problem.
Financial wellbeing should help employees understand their whole financial position, such as what is coming in, what is going out, what debts they have, what support they may be entitled to and where they have room to make changes.
Sometimes the answer isn't spending less.
It might be making sure they're claiming everything they're entitled to, dealing with expensive debt or simply getting a clearer picture of where their money is going.
4. Give employees somewhere private to go
An employee may be happy to tell their manager they're struggling with workload.
They may be much less comfortable saying they're worried about keeping up with their energy bills.
That is why financial wellbeing support needs to be private and easy to access without having to explain personal circumstances to a manager or HR.
Digital tools, confidential guidance and personalised support can give people a way to start dealing with their finances without feeling that their employer is looking over their shoulder.
5. Make sure managers know what to look for
Managers aren't financial advisers and shouldn't be expected to diagnose money problems.
But they can be aware that financial stress can show up at work.
Someone who is normally focused might become distracted.
An employee may start asking for extra shifts, taking more time off or struggling to switch off.
None of these things automatically mean someone has financial problems.
But managers should know how to have a supportive conversation and where to signpost an employee if they do raise concerns.
Don't wait for the October announcement
We don't yet know exactly where the October price cap will end up.
But we do know households have already faced a significant increase this year, and wholesale energy markets remain vulnerable to events in the Middle East.
That makes this a good time for employers to look at their financial wellbeing offering rather than waiting until employees are already under pressure.
Written by Caroline Chell
Head of Communications
