With interest rates set to rise again soon, the UK may have avoided entering a recession by the skin of its teeth, but your staff are likely to be feeling the impact of the cost of living crisis, as well as many of your clients.
At Public Practice Recruitment Ltd, we wouldn’t dare to venture outside of our area of professional expertise and advise you on how to attract and retain your clients, but your workforce? That’s another thing entirely and we’re always here to help.
Salary increases are obviously the big one. In such a polarised world, it’s just not acceptable for leaders to be taking home record bonuses and the worker bees to see their wages fail to keep pace with inflation, but we’re certain you know that and if you haven’t upped your pay scales lately, you’re likely already hemorrhaging staff.
But for those who are looking to see what more they can do to reduce hardship amongst their workforce, increase their employee value proposition and benefit from the loyalty, productivity and happy work environment that valued staff contribute to, read on.
Here’s 5 creative ways to support your workforce in a cost of living crisis.
1. Remember that your employee value proposition is about more than just your baseline salary.
Yes the number matters, now more than ever! But alongside offering competitive and market rate salaries, progressive firms support their staff with a range of additional benefits. Make sure you’re offering generous pension contributions and encouraging your staff to contribute what they can. Look at salary sacrifice schemes, healthcare benefits and retail discounts. You’ll know better than we do about the tax benefits of offering such support to your staff and in times of need or when they are having to consider cutting back on spending on things like gym memberships or food shopping (both simple pleasures that will lead to better physical and mental health), being able to access group schemes or discounts could really help.
2. Really consider whether you’re able to offer more flexibility over where your employees come to work.
‘Some 4 in 10 adults (40%) who reported that their cost of living had increased compared with a month ago said an increase in the price of fuel was one of the reasons behind this rise.’
The Office for National Statistics – April 2023
We’re constantly telling you on this blog that remote and hybrid working have many benefits to you as an employer as well as the happiness and wellbeing that it can offer your staff. But in a cost of living crisis, not incurring travel costs on a full time basis is a huge perk for many of your staff and could really alleviate some of the stress that your employees may be under in making ends meet.
3. Offer your staff space and time to share worries.
‘The prices of food and non-alcoholic drinks in the UK rose at the second highest rate in 45 years in the year to April 2023.’
The Office for National Statistics, April 2023
These increases will undoubtedly be causing some of your staff significant stress and pressure and ensuring that you have adequate resources in place to help boost their mental health and ensure that they know you care about more than just the numbers of sets or accounts they can produce, will really help.
Line management structures should be clear and provide time for staff to talk about their bigger picture. Firms should be placing emphasis on recruiting compassionate leaders and managers should be trained in active listening. Consider offering your staff a number of mental health days and find ways to reduce stigma around all mental health conditions.
4. If permanent pay rises are hard to offer at the level your staff might need or want, consider other ways that you can reward them for specific efforts.
Bonuses related to productivity or target hitting can be a useful tool as can payments associated with new client or perhaps new colleague referrals.
5. Signpost additional support services.
This one is really important and ideally you’ll view it as part of your duty of care to your employees.
If your staff are really suffering in the cost of living crisis, try and make every effort to signpost them to additional resources beyond the scope of what you’re able to offer.
Make space on your intranet or staff handbook to list services such as the Samaritans, Relate, trusted debt support services, foodbanks and more.
‘The relationship between the cost of living crisis and the additional work and turnover available to thriving accountancy firms doesn’t correlate and it’s clear to us, in our unique position as niche experts in our field, that there is more work out there, than accountants available to do it! So, if your business is booming it’s important that you take every step you can to support your biggest asset; your staff, in these difficult times. And if your business is booming and your workforce just can’t keep up, reach out to us without delay to make sure your staffing solutions are sustainable and that your existing staff aren’t being worked to the bone.’
Garry Howling, MD
If the cost of living crisis is taking a toll on your workforce, contact us today to find out what we can do to support you to attract and retain the very best talent that the market has to offer.
