Business owners are looking for ways to support their employees through the cost-of-living crisis while at the same time keeping their business profitable during tough economic times.
Fortunately, there are some practical, cost-effective ways to support your people during these difficult times with the added bonus of retaining your valuable employees.
Job security & stability
Whilst you can never guarantee job security, there are ways to make employees feel more secure in their employment which will help ease their financial worries. Providing meaningful work, ongoing feedback and recognition makes employees feel valued. When they can link their contribution to the goals of the organisation, they feel good about their work and themselves.
Boost productivity & morale - manage under performers
If you’ve been putting off having a difficult conversation with an under performer, make sure you prioritise this first up in the New Year. Managing performance is challenging at the best of times but at present business owners have the added pressure of a very tight job market and skills shortage. Be careful - the rest of the team may get fed up and leave because of someone who is not carrying their weight. Managing under performers is good for productivity and team morale.
Positive work environment
Whether working in the office or remotely, feeling connected and working within a positive environment makes people want to come to work every day and give their all. Enjoying what you do helps to reduce stress and makes it easier to deal with personal concerns.
Employee Assistance Providers (EAP), Super Funds and Business Banking Institutions often provide free resources, webinars, and workshops on financial topics. Speak to your providers to see what they have on offer and promote these in the workplace.
Providing employee development is a trusted way to retain and motivate staff. The business will benefit from increased skills and capability and in the long term, employees can benefit from higher earning potential.
Empathetic leadership for senior, middle, and frontline managers is a non-negotiable in today’s working world and more especially when people are doing it tough. If it’s not a natural skill invest in a training course, online learning resources or a leadership coach.
Salary sacrifice options
Speak to your accountant to find out if you can offer any salary sacrifice options to increase employee’s take home pay.
Corporate health insurance
Consider signing up to a corporate health insurance plan. Some are available free to employers. Employees will benefit from corporate discounts on private health insurance.
Many businesses are struggling to fill vacancies. Consider dealing with the additional workload by offering your existing staff the opportunity to work extra hours and earn overtime if they are keen.
Flexible work arrangements/remote working
Employees often value flexible work arrangements over a pay rise and remote working helps reduce the cost of commuting.
Expense reimbursement process
Improve your expense reimbursement process for those employees who use their own money for business expenses so that they can get their money quicker.
Ensure payroll processing is accurate, payments are timely, and it goes without saying, that you are at least paying all minimum entitlements.
About Concept HR Services
Concept HR Services helps small and medium businesses set up and maintain effective HR systems and processes to attract, manage, develop, and retain great employees.
Personalised HR solutions and day-to-day HR advice & support tailored to meet the specific needs of your business, your workplace and organisational culture.
Contact us for a no-obligation chat to find out more.