Supporting Employee Wellbeing Through the Cost of Living Crisis
It’s no secret that prices are increasing for everything from commuting costs to a meal deal at lunchtime. As your employees might be struggling to make ends meet, it’s never been more important to focus on supporting their well-being.
But with the cost-of-living crisis predicted to continue, 'employee well-being' is more than just a buzzword. Your employees may be feeling financial pressures that can impact their overall health and happiness, as well as their performance at work.
Increasingly, workers across the UK are considering making a move to a different employer or career path to earn more money. Up to two-thirds of people recently polled by Nous.co reported that their current salary was not keeping up with inflation and were thinking about looking for a new job.
As an employer, this can be disastrous to your bottom line, leaving you short-staffed in the short term and responsible for new recruitment and training costs.
Prevent the problem – Offer support now
Thankfully, there are things you can do to prevent these problems. These include giving your staff members employee appreciation experiences and being more flexible about working hours. As a caring employer, here are four things you can do to demonstrate employee appreciation during this challenging period.
1. Assess their compensation and employee benefits
Everyone deserves fair compensation for a job well done. The extra pressures of the cost-of-living crisis make conversations about wages and benefits even more timely. However, your business may also be struggling to keep up with inflation, and so wage increases may not be on the table.
However, employee appreciation in the form of staff meals and practical gifts, such as meal kit subscriptions, can still send the message you care. No matter what, keep the dialogue open and let them know you are all in this crisis together.
2. Reward them with corporate gifts and experiences
Compensating your employees financially is one way to make them feel appreciated and rewarded at work. But it’s only part of the equation – sometimes a thoughtful employee appreciation reward can show your team members that you value them as individuals.
Red Letter Days Corporate gifting specialises in unique employee appreciation experiences that make great gifts for employees. Typical employee rewards can often be dull, so give them a chance to do something soothing (like a spa day), exciting (like skydiving), extravagant (like a fine dining package), or even practical (like a Hello Fresh box). Remember, with money tight, this might be a welcome opportunity to experience something out of the ordinary.
3. Be understanding about changing circumstances
Increased household costs can change an employee’s circumstances. For instance, your formerly fashionable employee might start dressing in simpler garb or arriving to the office less pristine. They might be rushing to arrive at work on time after needing to take on extra work or changing up their childcare arrangements. These are common reactions to mounting financial stress – and the best employers react with understanding and accommodations whenever possible.
4. Offer flexible working arrangements
As the cost-of-living crisis heats up and financial pressures increase, some employees may request more flexible working arrangements so they can balance their commitments. When at all possible, allow them to adjust their working hours or work from home. These small accommodations can truly improve employee well-being and help them manage this difficult time.
Employee appreciation can improve well-being
We’re now at the start of the new financial year – with your new budget in front of you, it’s the perfect time to allocate part of your budget to improving employee well-being with wage increases, corporate gifting, and unique employee appreciation experiences.
Get in touch with the experts at Red Letter Days to help everyone have a better day at work.