With the cost of living crisis in full swing, it’s time to start thinking about the best ways to support your workforce. Here’s a few tips on how you can help make soaring prices feel a little more manageable.
Do salaries match inflation?
If viable, it might be time to revisit salaries to ensure they are inflation-proof, otherwise you run the risk of losing employees to better paid positions elsewhere. However, we do understand that this may not be possible for all businesses (thanks again to the cost of living crisis).
Benefit packages
Although we wouldn’t promote discounts and vouchers as an equal alternative to increased pay, it is still a nice gesture which could go a long way for those struggling. A benefits package can include things like: grocery discount, eye care appointments, restaurant vouchers and gym membership deals.
Rewards and recognition
Showing your appreciation for employees who are performing highly is a great way to motivate and retain staff. This might also be a good opportunity to financially reward your colleagues which again, will go a long way and demonstrate how much the company values them.
Flexible working
Offering flexible working, including part-time, remote and compressed hours can help improve employee wellbeing and result in a healthier work-life balance.
These options can also be more cost effective, especially if employees are travelling long distances to work or paying for childcare.
Accessible mental health services
It’s important to acknowledge that the cost of living crisis is likely taking a toll on your employees’ mental health. Consider offering free counselling for staff to help them manage the additional stress. If this is not possible, then make it clear that support is out there and make an active effort to share relevant resources.
Here are some examples of the free services available:
We hope this has given your company a few ideas on how to support your workforce through the cost of living crisis.
Want to chat about job prospects? Give us a call now on 0203 856 4048.
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