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Retaining employees can help beat the cost of living crises

Imagine, waking up every morning and thinking about the bills you have to pay this month. With inflation sky-high, and salaries being the same, it’s stressful to keep up with the monthly expenses of living. This mainly includes fuel, tax, rent, energy bills, food products, and even telecommunication.

All this pressure has led to more strikes in the UK with people demanding an increase in salaries. 

Employees are stressed and unhappy because of the cost of living crises.

According to Business Leader magazine, 7 out of 10 employees reported that they are either looking for a new opportunity or a second job to cope with financial pressures.

It’s no surprise that employees will be stressed. 

Drewberry employee benefit research in 2023, showed that 49% of adults who were unable to fully pay their energy bills reported an increase in anxiety

Similarly, people borrowing money, and using up their credit to meet the costs of their living reported feeling less satisfied, and are generally unhappy in their lives. 

Mental health is a major concern for employees and when your team members are unhappy, it brings down the whole business. 

Which is why, retaining employees not only supports them in these times, it indirectly helps your business thrive through challenges like inflation and higher wage rates.

What employee benefits make employees the happiest?

And how to retain employees? 

Research shows that following employee benefits are most cherished by employees and if businesses can focus on these factors, they have a chance to retain higher ratio of employees.

Work-life balance 

 Productivity rises, absenteeism falls, and physical and mental health improves as commitment and the drive to work increase. 

Colleagues

Having kind, encouraging and passionate people around you elevates your mood. You can create a positive work culture but hiring the right people.  

Challenge and Stimulation

Employees need an environment where they feel valued and have tasks that keep them interested in work.

Income and bonuses (No surprise here)

The most important point is to pay your employees exactly what they deserve and appreciate their efforts by giving bonuses.

Employees want more support from their employers and here’s how to do it: 

There is no need to sit and wait for the impending doom. There are effective steps you can take to walk through these times. 

Flexible timing/Remote Working

It gives a lot of edge to employees ultimately giving them more freedom to work when their life is sorted out.

Flexibility enables employees to find ways to compensate for the increase in prices. Some might have to take care of their children or attend classes to improve their skills (which actually might be helpful to you) and on top of that reduces travel costs.

Health and Well-being services

Incentives like health insurance and free counselling sessions can go a long way. It shows that you care about your employees, giving them more reasons to stay. 

Recognition

Personalisation is the soul of a business. Ask them how their day was every once in a while. Acknowledge their efforts, value their presence, and give them appreciation posts and certificates.

“Don’t just invest in your employee’s work, invest in their lives as well.” 

Make your workplace a happy place

One would certainly be in a better mood knowing that today they are going out for a free pizza.

If your employees are happy together, sharing their problems and laughing with each other, they might even forget about their troubles for a while. It can help in cheering them up and gives them more reasons to perform better. 

Celebrate your employee’s birthdays, and organise fun days and events that bring your employees together. Similarly, you can go for other employee benefits that generally create happiness and might not require bank-breaking incentives. Who doesn’t love a free cup of coffee or doughnut day?

Extra benefits

We all love extra benefits. Buy handsets for your employees under business contracts, especially when your business relies heavily on handsets. Or take care of their internet and mobile bills. 

Give them free vouchers for a restaurant nearby or take care of their entertainment needs by giving free Netflix subscription for instance. The possibilities depend on your resources, but there can be something exciting to look forward to at the end of the month. It’s important to note that all these incentives are not the best alternative for bonuses and pay raises.

Give Your Employees An Edge.

Your business is heavily dependent on the well-being of your employee. Their general happiness, motivation level and free of stress mind can significantly increase productivity and have an overall healthier impact on the workplace. All in all, find the best possible ways to support your employees as they struggle with the cost of living crisis.
Learn more about us or talk to us about how you can benefit your employees using mobile technology. Got any queries? feel free to contact us at info@initiis.co.uk

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