Against a backdrop of spiralling inflation and continued economic uncertainty, HR’s salary pot may be looking decidedly lacklustre. So how can HR teams help employees to handle the cost of living crisis? Thankfully, salary hikes are not the only option on the table. According to Personnel Today, other initiatives can be equally helpful, as summarised below.
- Get creative about rewards!
This could mean condensing the working week to four days (to reduce travel costs and lengthen the weekend by a full day). It could also apply to well-being benefits so that staff get a first-time buyer’s bonus to help them buy their first home plus additional days’ leave when they move in, for example.
- Support mental health
Dealing with financial worries can be distracting and stressful. To counter the effects, companies should signpost employees to financial and mental health advice resources. They should also give them the opportunity to voice their concerns and co-create solutions.
- Mitigate costs
Businesses should investigate what everyday costs they could help alleviate. Potential initiatives include enabling employees to claim travel expenses for their commute, introducing car-sharing programmes, offering free meals, and boosting flexibility with working hours to help reduce the cost of childcare.
- Reduce the commute
Allowing employees to work from home part-time is an easy and inexpensive solution to increasingly high petrol and rail travel costs. Partially financing the purchase of a bicycle is another option.
- Upskilling and reskilling staff
Helping employees to define their career paths and offering relevant upskilling and reskilling programmes are worthwhile investments. Employees feel valued and, since they don’t have to leave to satisfy their career ambitions, retention rates soar. It’s a win/win situation.
In conclusion, there are many ways in which HR can support employees financially beyond salary increases. For further reading on the subject, please visit the CIPD website. However you choose to address the matter, we wish you and your team all the best. And if you need any help with the recruitment element of the challenge, please email us at info@ablrecruitment.com or call us on 020 7092 3911 to brainstorm the options.
