Every day we are hearing more about the reality of the cost-of-living crisis, with rising inflation and falling ‘real’ disposable income affecting millions. Inevitably, in the current climate, many employees are feeling the financial strain and concerned about how they will be able to afford the increasing costs of housing, utilities and food. Organisations may also be under pressure themselves, and do not have the budgets for the pay rises or bonuses that they have been able to offer in the past.
How employees feel when they are at work inevitably impacts their performance and behaviour in the workplace. When your workforce feels supported and appreciated, engagement increases. You might already be reviewing how best to support staff who are struggling, providing both emotional and practical guidance. Having a robust plan in place will enable you to support staff effectively, whether this is using benefits that you already have in place or signposting them to organisations who can provide assistance.
There is no ‘one size fits all’ for the support a company might offer compared to others, and you will not know until you ask your employees what they need! Pulse surveys, 1-2-1s and group meetings can all contribute to your research and help you make effective business decisions.
The first place to start when reviewing the support you are giving is to look at your existing benefits package. Have you made employees aware of all benefits available to them? If so, are these benefits communicated on a regular basis, or only when new staff join the business? How effective is your internal communication?
Whether in person, via email or using internal noticeboards/intranet, ensure your teams are aware of what you already offer and can easily access anything they need. Low uptake on your existing benefits may be down to lack of awareness. If your organisation is offering benefits that could help staff experiencing financial worries (such as financial advice, hardship schemes or mental health and wellbeing support) then shout about it.
For those organisations that have a physical workplace, do not forget that this is a benefit accessible by colleagues. While the pandemic saw us all at home and reluctant to return on a daily basis, the office could now be a safe haven for colleagues to feel warm with access to facilities like drinks, food and showers. If you are funding a space then remind colleagues this is an easy way for them to save energy costs in their working day.
We’ve seen in the press that large firms such as HSBC and John Lewis have given some staff discretionary payments to help with the increasing cost of living. Others, such as Sainsbury’s, are providing ‘basic food items’ to staff during their shifts. This article from the Guardian highlights some assistance that you may like to consider or that you could highlight to employees if it is already part of your package.
Above all, use your voice and actions to demonstrate that you genuinely care about employee wellbeing and want to do the right thing by your staff. Look out for signs of stress and anxiety manifesting themselves within the workplace and check how your employees are really feeling. Be open to honest conversations and carefully consider how you and your organisation can ease the financial concerns facing your workforce in 2023.
If you’re looking to ask questions to find out how you can provide targeted assistance to staff, drop us a message at hello@welovesurveys.co.uk to see how we can help.
Photo by Josh Appel on Unsplash