As a leader, you have a responsibility to support your employees through tough times. The rising cost of living is having a huge impact on so many, it’s essential to focus on the ways you can support your employees at this time.
Your employees will have a lot of pressure on them already, so to ensure you retain talent, create a supportive atmosphere at work and don’t lose the motivation of your team - it’s integral to start planning and strategising as a priority.
Let’s delve into the ways you can support your employees through the cost of living crisis:
Pay Raises and Bonuses
Firstly, if you can afford to provide pay raises to help employees as the cost of living increases, this is a key way of supporting your team. When you do this, you will also make your employees feel rewarded, meaning they will be more motivated and productive. It proves that you value your employees. We understand that not every company will be able to do this, so read on for more ways you can support your employees.
Be Flexible
You can also think about helping with the other small things that your employees may be struggling with. For example, offering flexible hours means employees can reduce the cost of transportation to work. Even if it’s a couple of days working from home, this could save so much money in the long run.
Provide Education
Consider educating your employees on financial welfare. Perhaps you could bring in an expert or host a webinar to discuss ways of saving money and making the right decisions to bring bills down. This could be impactful in improving how your employees go about their day–to–day life, helping them make smart choices that will benefit them in the long run.
Be Transparent
Keep your employees up to date with any changes within the company. Allow them to have plenty of time to plan if anything is changing such as departmental changes or relocations. Keeping your employees updated at all times will reduce anxiousness around the fear of job losses and redundancies. You want your employees to feel up-to-date and not jump to any conclusions - communication is the best way to do this.
Provide Mental Health Support
Your employees may have many pressures on them as the cost of living rises. Not just from projects and deadlines at work but also from aspects at home. Ensure you invest in mental health by offering wellness/mental health days your employees can use if they are having a rough time. Offer open discussions with mental health experts so your employees have someone to turn to. You can even offer mental health training so people within the office can spot the signs early and prevent a crisis. This also allows a point of contact for anyone to go to if they need support.
If you have any questions or concerns about ensuring you’re looking after your employees during the increased cost of living crisis, we are here to support you as a leader.
We offer training, mentoring sessions and consulting services to help business owners, CEO and other leaders navigate tough times just like this.
Reach out for a no-obligation chat to discuss your options to best protect and support your employees at this tough time.