Practical HR in cost-of-living crisis

With a mini-budget as a matter of urgency, Liz Truss attempts to assist the nation with a plan to help UK residents through the ever-concerning cost of living crisis. How can HR support team members and colleagues through this uncertain time?

This all depends on your organisation of course, here are some practical ideas:

  • Rewards and benefits – Does your organisation currently offer rewards or benefits to team members? Are they being fully utilised? For instance, does your organisation offer impactful cost savings? Types of savings might include grocery shopping, school supplies, and well-being support.
  • Expenses – Offering expenses to be claimed weekly rather than monthly, to ease concerns for cash flow.
  • Workplace – Providing a choice of working from home or the office, so team members can select the most cost-effective option when allowing for energy/ heat/ travel costs.
  • Support available – Organisations to review support that is already available with existing team member benefits- free debt counselling advice, team member discount schemes, mental health support, and private health checks.
  • Highlighting existing schemes– Checking if benefits already exist within your organisation but are not being used. HR teams should be highlighting how these current team members’ benefits could alleviate some financial pressure in these uncertain times.

 

On the other hand, Organisations need to review their rewards and benefits, to ensure they continue to resonate with team members and are truly assisting them to stretch their finances and alleviate some financial stress in this uncertain global cost of living crisis.

Supporting your people to make the best of your organisations rewards and benefits, to help them through.

Another way to make a real difference to your team is to get to know every member of your team, none of this ‘leave your home life at home’ rubbish. No human on this earth can say that they can truly detach from what stresses happen at home once they step through their workplace door, and now, if your workplace is at home, then there’s no escaping that home life stress, and that truly matters.

Having time to talk to team members may seem an insignificant idea when budgets and profits are struggling, however, the time taken to talk, and in turn, listen to team members can make a significant difference to performance. Knowing you are not just a ‘number in a workforce’ but a real person that is valued and cared for, knowing you make a difference within a team, knowing you are appreciated, no matter how small your part plays in the bigger picture. As humans, our needs are quite simple, to feel significant, that we can make a difference, that we are growing with knowledge, we have variety, we have stability and ultimately, we are needed and appreciated. Talking to our team members really can change their lives.

Once we get to know our team members, how can we approach them if we notice subtle changes that scream, ‘I need help’ Firstly, it’s important to have a feel for what it is that is needed.

This is where Apex HR can assist leaders within organisations. Coaching our leaders to recognise signs from team members, struggling with mental health, because of the external cost of living crisis issues. More importantly, coaching leaders on how to approach a conversation with team members in a timely and sensitive manner, signposting them to the most appropriate support.

 

All in all, Leaders, Team members, alike, in times of crisis, seek safety, stability and comradeship. A place of work should feel like a community that provides the human needs we all need to survive, and beyond the basics, the community support us to thrive through times of crisis.

 

Inspiration and notes are taken from HR Magazine UK