By Alex Hattingh, Chief People Officer of Employment Hero
With the rate of inflation soaring around the world, small businesses everywhere are facing a new kind of challenge – how they can best support employees through the cost-of-living crisis.
The fight to remain present and to stay productive at work instead of worrying about the future is real. Soaring living costs affect employers and employees alike. From increasing rents, offices and homes to the cost of putting food on the table – these concerns are scary, and valid.
Why is the cost-of-living crisis happening?
The war against Ukraine has had a huge impact on the global economy with both emerging and developed countries feeling the heat. It has triggered a spike in oil prices and shortages of food supplies, and some countries are facing double digit inflation figures for the first time in decades. All of this has led to everyone’s financial wellbeing being tested.
How can employers help with the cost of living crisis?
We understand the worry that small businesses may be facing with the never-ending challenges that seem to be piling up. But with the cost of living crisis unlikely to end anytime soon, now is an opportune time to see how you can help support your employees.
Here are a few ways you can support their financial and mental wellbeing:
1. Let employees work from home
With the rise in office rent and travel cost, now is the time to consider making the move to becoming a remote-first workplace. It makes financial sense to both the employer and employee. Your team can cut transport costs and save time while you save money which would otherwise go to rent, electricity and water bills.
2. Promote a healthy work/life balance
Don’t forget that giving your team the space to recharge produces reinvigorated employees.
3. Show appreciation to employees
We all know that one of the best ways to show appreciation for your employees is to pay them more. But, if – understandably – you aren’t in a position to give your staff a pay rise, have a look at other options to show your appreciation to your team.
4. Mental health days
As we navigate the cost-of-living crisis together, chances are your team may be navigating personal matters that they might not be comfortable to discuss. Offering mental health days where employees do not necessarily have to justify why they’re taking a personal day can be a great way to support your staff. They lean on these in order to take time to recoup and re energise without feeling any guilt for taking some much-needed time off to bounce back stronger.