It’s all you hear on the news, ‘the Cost of Living Crisis’— a time of sky-high interest rates, food prices, and surreal energy bills. In November 2022, the UK’s inflation rate hit 10.7%, surpassing that of the US and France. Despite the introduction of price caps and new emergency policies, inflation is likely to still impact your employees. CIPD reports that one in four employees says money worries affect their ability to do their job.
And paired with the January blues and the post-holiday lull, it is a time when you may need to step up and be there to support your staff. Not sure how? Take a look at our tips and find out how to support your staff during these troublesome times.
1. Review Benefit Schemes and Financial Aid
Gloomy January days and the cost of living crisis could impact your employee’s wellbeing. This can have a knock-on effect on motivation and productivity. It is the perfect time to re-evaluate your reward schemes and financial support systems. If you can offer a cost of living bonus, this can help cover those heightened food and gas prices. But, ensure to be cautious that this doesn’t negatively affect anyone who is already receiving Universal Credit as it could impact their tax.2. Utilise Employee Recognition Perks
The start of a new year is an ideal time to commend the successes and achievements of the previous year. Utilise your employee recognition schemes, such as vouchers to thank your talent for their hard work and boost morale during the January period. Use this time for reflection and goal-setting for the new year to help increase motivation and drive. Use employee recognition to realign everyone with your business goals and to show your support. Do you need to refresh your reward and recognition schemes for the new year? Discover the options at Each Person and start implementing effective yet generous packages for your people in 2023.3. Open Communication + Staff Wellbeing Support
Whilst it is important that you support your staff through rewards or financial aid, it is vital that there is an open line of communication between employees and management. In a survey by CMI of more than 1,000 managers and team leaders, 71% reported they had seen evidence of the crisis increasing anxiety and stress within their teams. This demonstrates the importance of having open communication so staff can talk and feel supported by their leaders. Offer a training session to your team leaders so they can best understand and listen to their employees with financial or personal troubles during this period.4. Champion Work/Life Balance
The January blues can be tough on your employee’s wellbeing, and it is essential to recognise the impact that work can play in this. Champion good work/life balance by encouraging team socials, offering gym or class passes, or implementing wellness days to support staff and enhance morale.5. Small Gestures, Big Impact
Don’t underestimate the power of small, thoughtful gestures in the workplace. Say ‘thank you’, commend good work or grab a round of coffees to show your appreciation on a daily basis. This supports your employee’s wellbeing during the cost of living crisis and may improve retention rates. In turn, you are helping to create a positive culture of gratitude within your company.Start 2023 off in the most supportive way. Showcase gratitude towards your people with rewards, recognition, and understanding to avoid the January blues and beyond. Need help with this? Each Person has got you covered. Simply enquire today and learn how we can transform your employee benefits.
Contact us today at support@eachperson.com
Sources:
• Brigid Francis-Devine, Daniel Harari, Matthew Keep, Paul Bolton, Cassie Barton, Wendy Wilson 'Rising cost of living in the UK', UK Parliament - https://commonslibrary.parliament.uk/research-briefings/cbp-9428/
• 'Employee financial wellbeing', CIPD - https://www.cipd.co.uk/knowledge/culture/well-being/employee-financial-well-being
• The Guardian - https://www.theguardian.com/business/2022/dec/11/stress-over-cost-of-living-crisis-harming-workers-performance-survey-find
