COST OF LIVING CRISIS
From both a personal and business perspective, financial stress can have a significant impact on employee wellbeing, productivity, and job satisfaction. Weekly 10 have come up with some great tips to enable businesses to support employees through tough economic times.
As the cost-of-living crisis continues, employers must recognise the importance of supporting employees through these challenging times. As well as being morally right to support employees during times of economic hardship, there are also business benefits.
PRIORITISE EMPLOYEE WELLBEING
Employees are facing higher (than normal) levels of stress at work and home. During the cost-of-living crisis, employers, managers & leaders have a moral responsibility to look out for their employees.
Job losses, financial uncertainty, falling engagement and increased productivity are a bad recipe for employee wellbeing. Its about finding a balance. Healthy employees = healthy business. TRANSPARENCY As an ethic that spans science, engineering, business, and the humanities, transparency is operating in such a way that it is easy for others to see what actions are performed. Transparency implies openness, communication, and accountability DEVELOP HEALTHY RELATIONSHIPS When employees have positive working relationships, they are more likely to feel motivated and engaged in their work. Employee relations—the way managers and HR representatives at your company interact with employees —can have a huge impact on your workplace culture. Maintaining positive employee relations helps to improve staff morale, reduce workplace conflict and ultimately increased productivity and job satisfaction. FOSTER A FUTURE FOCUS A growth mindset helps employees to positively future gaze. This promotes openness to change and adaptation and enables healthy responses to challenges and problems. Being future-focused is about thinking about the future, anticipating obstacles and planning ahead. It's keeping up-to-date with changes and developments, responding to key trends and being able to prepare and plan for the future.
When leaders admit to negative situations or acknowledge uncertainty, employees feel safer and more secure. If you can't afford the usual bonus, be honest! Tell employees how you do plan to support them. Honesty creates a sense of psychological safety.
Employers & employees who are future-focused are keen to learn, update their knowledge and can recover from setbacks to help them achieve their goals.
