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The cost-of-living crisis, fueled by a series of economic storms, has seen businesses and their employees suffer from high spending power, with the impact being felt throughout global HR departments.
Households have experienced the biggest drop in income in the UK. Half a centuryAnd this is set to create a series of problems for businesses that depend on the power of consumer spending.
(Image: ONS)
For businesses, the challenge of staying afloat may take precedence, but it’s vital that you look to support employees who need help during such difficult times. Figures from the Office for National Statistics show that seven in 10 adults are actively looking to spend less on non-essential goods, and more than 20% are borrowing or taking out more than they used to.
While happy employees can be more productive and valuable to companies, HR teams also need to provide a level of care to the employees they recruit and ensure they are protected from negative economic outlooks. This means businesses’ recruitment and hiring processes must change to meet these growing workforce needs.
With this in mind, let’s take a closer look at how businesses can better manage employee safety in their recruitment process:
Keep your candidates’ happiness in mind
When it comes to HR, it can feel like a daunting task to balance day-to-day operations alongside the concerns of existing employees and new hires, but it’s worth taking the time to consider candidate happiness during the recruitment process.
When it comes to keeping your candidates’ happiness in mind, be sure to ask them how they feel about your presentations. Expected results And the culture of the company in general.
The challenge here is that candidates may still prioritize hiring over self-satisfaction, but ‘how does this make you feel?’ and ‘Does this match your expectations?’ They can gain stronger insights into whether or not they are happy in their role.
Check in during the boarding process
The cost of living crisis can affect workers in different ways. It is important for HR departments to be able to recognize and act on the first signs of frustration, discomfort or other negative emotions that appear in team members.
Here, it’s helpful to hold semi-formal but unfocused one-on-one meetings, or group calls to ensure there are enough opportunities between team members and employees to talk openly about how employees feel about being seen more widely. economic problems.
Implementation of financial security policy
It is also worth implementing an employee safety and financial security policy that will help you take better care of employees. The level of commitment to this matter depends entirely on the company, and even the simple act of directing employees to independent money and credit guidance companies can be of great help.
Highlighting or reiterating the benefits employees receive during the recruitment and onboarding process can be a great help, and it can be a great way to hit the ground running and make them feel more confident in their new role.
As a financial advisory service 39% of adults in the UK They don’t feel confident about managing their money and say they have 11.5 million in savings of less than £100.
The simple act of accessing free and confidential financial advice from independent parties can help free employees from stress and negative distractions.
Offer hybrid work
Although some businesses are apprehensive about enabling flexible working opportunities for employees, statistically speaking, adopting a WFH mindset can lead to greater productivity for your organization – after all, 51% of employees say they feel more productive working from home in the near future. RingCentral survey.
Working hybrid allows employees to save money on their commute and avoid the temptation of buying lunch at the store. There are UK government tax relief schemes for workers with no registered office, opening the door for your business to go fully remote and save on energy bills at the same time.
By highlighting these plans, HR teams can help remote workers find new ways to save money. It can also be an attractive way to attract new talent to the company who are looking for an organization that is more committed to their employees.
Keep things clear
Financial uncertainty surrounding employees’ lives can increase their perception of company performance. If they notice that few sales have occurred, they may feel anxious about their own job security as news of major business interruptions continue to hit the news cycles.
While sharing cash flow projections, revenues, and expenses can be tedious, HR teams can maintain a level of transparency by sharing company expectations and projections for the cost-of-living crisis. For this, there are online tools that can be a powerful resource to reach Pre-designed slide layouts You simply need to add the relevant information.
While you may not be able to help your employees out of the cost of living, you can offer them opportunities to improve financial management so that they don’t fall victim to tight spending conditions and allay their fears.
Caring for your employees It can be difficult during a global crisis, but taking small steps to ensure the safety and security of your entire workforce can make a big difference to their overall happiness, both on and off the job.
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