staff retention 9 things employers can do to look after their staff during the cost of living crisis

As the cost of living crisis continues, employers must recognise the importance of supporting their employees during these challenging times.

From both a business and human perspective. Financial stress can significantly impact employee wellbeing, job satisfaction, and productivity. As a result, many organisations are taking steps to provide support and alleviate some of the financial concerns faced by their staff.

Beyond being morally right to support employees during times of economic hardship, there are also business benefits.

Employee performance experts at Weekly10 summated their 9 tips so that businesses can support their employees during tough economic times:

1. Focus on employee engagement

Employee engagement is the foundation for any successful business – whether there’s a cost of living crisis or not. When employees feel connected to their work, peers, and company mission, they’re more likely to find meaning in their work. They feel like they are contributing to a bigger purpose, which can boost their sense of fulfilment and satisfaction. Engaged employees are also more likely to be motivated and productive, leading to a sense of achievement and personal growth.

High levels of engagement can lead to greater job security. Engaged employees are more committed to their work and company, which can make them more likely to stay with the organisation. This, in turn, can provide greater stability and a sense of security.

2. Prioritise employee wellbeing

Managers, leaders, and HR have a moral responsibility to look out for their employees. This is especially true during the cost-of-living crisis because they’re likely to be facing higher levels of stress at work and at home.

Unsurprisingly, job losses, financial uncertainty, falling engagement, and increased productivity are a bad recipe for employee wellbeing. But wellbeing is more than just how happy someone seems. It’s about finding a good balance because healthy employees = healthy business.

3. Be transparent with employees

Honesty and openness create a sense of psychological safety that is essential during times of crisis. It’s important for leaders and managers to be transparent at work. When leaders admit to negative situations or acknowledge uncertainty, employees feel safer and more secure. If you can’t afford to give the usual bonus or annual pay rise, be honest. Tell employees how you do plan to support them during a cost of living crisis.

4. Look to build resilience

Your people are a secret weapon to thriving in tough times. Support your people and they will support you. But bosses must do the groundwork to help their employees learn healthy mechanisms to develop their own resilience.

Resilience is how you handle difficult situations. Often described as the ability to bounce back and carry-on during adversity. Having a resilient workforce has huge benefits. Your people can deal with change and are less susceptible to burnout. It drives motivation and improves employees’ overall health. That’s because resilience and workplace wellbeing are linked.

5. Foster a future focus

A growth mindset helps employees to future-gaze constructively. This promotes openness to change and adaptation and enables healthy responses to challenges and problems. This is linked closely to being resilient.

Critical thinking and accountability are important here. It requires stopping and thinking logically, rather than being swayed by emotions. It also means being human: admit you don’t know everything and ask questions to learn more.

6. Develop healthy relationships

During the cost of living crisis, employees may feel stressed and isolated, which can negatively impact their mental health and overall wellbeing. By developing healthy work relationships, employers can create a supportive and collaborative environment that helps employees feel more connected and engaged in their work.

When employees have positive relationships with their colleagues, they are more likely to feel motivated and engaged in their work, which can lead to increased productivity and better job satisfaction.

7. Support your physical wellbeing

Physical health is closely linked to mental and emotional health. Although physical fitness is personal, companies can take steps to support their employees’ physical health and wellbeing.

In the UK, an estimated 141.4 million working days were lost due to sickness or injury.

8. Provide personal and professional development

Personal and professional development is crucial for employees during a cost of living crisis as it helps them to adapt to changes, remain productive, and advance their careers while also building resilience.

Investing in an employee’s personal and professional development is a way of recognising an employee’s value. Empoyers can use development as an alternative to increasing basic salary or offering a bonus, which lose their effectiveness quickly anyway. Setting clear and actionable steps will make building resilience feel more tangible, and prevent it from feeling overwhelming.

9. How to encourage employees to learn new skills

New skills help employees to adapt to changes in the workplace. In a cost of living crisis, companies may need to make changes to stay afloat, and employees who can adapt to these changes will be more valuable. This can open up new career opportunities for staff. This is particularly important when job opportunities may be limited. Emphasise how new skills support future job security. Employees who are constantly developing their skills are more likely to be retained. Companies may prioritise retaining employees who have the skills and knowledge needed to navigate challenging times. Developing resilience is important during difficult times. Employees who have a growth mindset and are constantly learning and developing new skills are better equipped to handle the challenges that come with a cost of living crisis.

Chris Shenton weekly10 weekly10.com