Supporting your employees during the cost-of-living crisis

Supporting your employees during the cost-of-living crisis

Data from the Office For National Statistics has revealed that pay in the UK grew a an annual rate of 7.3% in the three months to May. This is the highest growth on record!

Many people are seeing this as a huge win for workers, however it has raised fear and concern amongst some who worry that inflation could stay higher.

It’s no secret that the cost-of-living crisis is still present and worrying for everyone in the country and we would encourage employers to support their staff as much as they can.

We’re by no means experts on how every company works, but we’ve put together some tips that have certainly helped us during this time!

Transparent communication

Your employees need a safe space to talk about any struggles they might be facing. Many of your staff will need a prompt to open up to you more, so encouraging staff to talk to you or putting a system in place that allows time specifically to raise any concerns is a great place to start.

Flexible work arrangements

Explore more flexible work arrangements such as remote work and flexible schedules is a great way to support staff. Childcare costs are just another thing that’s increasing and working from home or fitting working hours around the school day will benefit your staff more than you would realise. It’s also a great way to support those who are feeling the stress of fuel prices.

Financial resources

Offering financial programs or workshops to help employees with their budgeting tools, savings plans and tips for reducing expenses is a perfect collaborative idea that will bring the team together and let employees know that they’re not alone. It would be best to deliver it on a voluntary basis but encourage staff to join. It’s a great opportunity to partner up with a financial company too!

Provide professional growth opportunities

Now more than ever, your employees will be looking for ways that they can develop in their careers and increase their earning potential. Offering training programs, certifications and new roles are a cracking place to start. Investing in employees’ professional growth can alleviate any financial concerns and increase job satisfaction – reducing the risk of your staff looking elsewhere.

Help employees to reduce expenditure

You would be surprised how many of your staff will have turned up to work without breakfast, be that because they’re stressed and haven’t slept much, were busy doing other things or because times are tough. Providing staff with breakfast options, drinks and snacks is a great way to ensure that the feel more energised and fulfilled during their working day. Communal bread, milk, tea, coffee – perhaps something to put on the toast too!

Adopt a supportive workplace culture

Fostering a culture that supports employees’ well-being and recognises any challenges they may be facing is hugely important. Encourage managers to be empathetic and understanding – creating a safe space for employees to talk. You may find that morale is particularly low in the office, so implementing employee recognition programmes and team building activities is a great way to boost this.

Remember, each workplace is unique, so consider customising these tips based on your employees’ needs and the specific challenges they face during the cost-of-living crisis.

If you need any advice or support, please get in touch with Glu today!

Contact Us