Supporting Employee Wellbeing Through the Cost-of-Living Crisis
Inflation has been a hot topic amongst many working class citizens this past year. In July of 2022, the annual inflation rate in the United Kingdom rose to 10.1%. This has been the highest inflation rate since 1982.
Between the rise of the COVID pandemic back in 2020, the rise of the new virus monkeypox, and our current cost-of-living crisis, morale is rapidly decreasing for people in and out of the workplace.
Employers are once again facing a monumental challenge. The past few years have shown that adaptability is a critical key to success. During the cost-of-living crisis, employers must be adaptable. Understanding and compassion for the difficulties we’re all facing will go a long way. We’re taking a closer look at how employers can support employee wellbeing through the cost-of-living crisis.
Supporting Employee Wellbeing Through the Cost-of-Living Crisis
The cost-of-living crisis is impacting how people spend their money from one pay packet to the next. The price of common essentials is skyrocketing during this crisis. These essentials include gas, which has been noted as the main component leading to the increase of inflation in the United Kingdom, and food.
The rise in these prices are creating a lack of disposable income for workers, which means less money to spend on their personal wellbeing. In turn, the wellbeing of employees is decreasing as the cost-of-living crisis continues.
There is a direct link between a decrease in mental health and financial worries. In a Rethink Mental Illness survey, 59% of participants claimed that money had impacted their mental health “a lot” over the past 12 months. When facing financial problems like not being able to afford certain necessities, people may face an increase in depression or hopelessness and anxiety as they continue to worry about money.
The cycle continues as mental health declines and people do not have the money to seek help through therapy. This is a problem for both employers and employees as wellbeing decreases, job performance also decreases. So, what can employers do to support employee wellbeing in the workplace?
Direct Approaches to Support Wellbeing
One thing employers can do to support mental wellbeing in the workplace is to provide free programmes to employees to help alleviate certain symptoms that may come with a decrease in mental health. These programs should include a wide variety of techniques such as breathing and meditation, and should be accessible to everyone.
An alternative option would be to provide in house counselling services to employees that could be more personalised and catered to specific needs.
Another way to directly support employees through this crisis is re-evaluating the need for work travel. Developing hybrid or complete work from home schedules for employees would help to eliminate the problem of the rising cost of gas. This would also allow employees the opportunity to make important calls to financial offices that may only be open from the standard 9-5 in the privacy of their own home.
Indirect Approaches to Support Wellbeing
The options above may not work for every work place. Indirect approaches of support include honest communication with employees about the cost-of-living crisis. It is important that employees know that their employers are there for them.
A good way of showing that is by taking the time to check in with them often and ask what kind of support they may need. Frequent shout-outs or rewards for good work can also increase motivation to keep going and make employees feel appreciated.
There is no way of knowing when the cost-of-living crisis will come to an end. It is crucial that employers create a positive work environment for their employees to boost employee wellbeing while navigating the struggles of the cost-of-living crisis. Dealing with financial problems is already hard enough, an employee’s work should not be an added stressor.
hug Can Help Support Your Team
hug is an award winning employee wellness solutions provider in the United Kingdom. We understand the importance of support your team throughout this difficult period. Interested in finding out how we can help? Please get in touch and we’d be happy to arrange a demo of our award-winning platform for you.
