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The cost-of-living crisis is one of the biggest challenges facing employers today. While many employers are doing what they can to support their people, they are also battling rising operational costs and difficulty recruiting.
With no end in sight of these challenges, it seems we’re likely to head into a recession, And for some employers, making redundancies may be the only option to cope with the ongoing impact of the crisis.
Here’s some advice on how you can support your people.
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During times of uncertainty there is a danger of being so focused on overcoming challenges that looking after your people slips down the list of priorities.
To combat this, you should be paying more attention to your employees and their mental health in challenging times – not less. Celebrating achievements, having regular, structured one-to-ones and following Wellness Action Plans can help employees generally to feel well supported, happier and more engaged.
Structured resilience training and mindfulness programmes can also teach employees techniques and tips on how to deal with pressure and recognise signs of stress in themselves.
For some employers making redundancies may be the only option to cope with the ongoing impact of the crisis.
For a redundancy to be genuine, you should ensure that the selection criteria you use is objective and fairly applied and you must be able to demonstrate that the employee’s job will no longer exist. The redundancy process is complex, and you need to be conducting the process legally. If you are unsure of employee rights or are concerned about an employee making a claim, please get in touch with our team.
Remember it’s not just about salary. At this time, despite your best efforts, you may have to turn down a request for a pay rise.
A comprehensive benefits package is what many candidates are looking for when applying for work, and this may also help retain staff if you can’t offer them an increase on their salary.
If you have the capacity to allow people extra time off, extended holiday is a great way of rewarding employees. Working parents will appreciate flexible working benefits such as flexi hours, hybrid working or even a four-day work week.
Social events and team building days could make up another element of your benefits package, they not only help build relationships within your teams but also reduce stress levels and possibility of burnout. During this difficult period, it can help take people’s minds off of any worries they may have.
At the moment, your employees and their families may be very worried, nervous and scared, and this can make it hard for them to feel safe and focus on their work.
As an employer you’ll need to communicate a clear plan of action to help alleviate some of their fears. Keeping employees up to date with any workplace changes, expectations and their own performance not only keeps them on track but also reduces feelings of stress and anxiety – after all, there is nothing worse than being kept in the dark and often it’s better to feel informed, even if the news isn’t good.
The more you communicate with your employees, the more likely they are to share not just concerns but also ideas and thoughts with you, making for much stronger working relationships and a healthier overall company culture.
In this guide we offer advice for employers on a number of considerations in the context of the cost of living crisis, including:
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