Since the pandemic, the cost of living in the UK has skyrocketed. The prices of household items and groceries have increased dramatically, with a loaf of bread costing over 20% more than in 2021. Last winter saw Britons battle with energy suppliers, with many people forced to turn their heating off and suffer the cold just so they could afford to put food on the table.
With rising expenses and the struggle to meet essential needs, many employees across various sectors are voicing their desire for a pay rise. However, not every employer is in the right financial position to grant increments in employee remuneration.
This is because the cost-of-living crisis hasn’t only affected individuals; economic uncertainties, higher business outgoings, and limited profit margins have impacted employers’ abilities to provide a salary increase to their workers.
Irrespective of their situation, however, employers can—and should—still find some way to acknowledge their employees’ efforts and contribution, as well as foster a positive work environment. The recruitment landscape is difficult, and you should go to lengths to keep good employees.
Okay, but how?
Employers can implement recognition and appreciation programmes to acknowledge their employees’ outstanding achievements, such as Employee of the Month awards. These initiatives boost morale and provide a sense of value within the organisation. Employers can also invest in their workers’ growth by offering training programmes, workshops and educational opportunities. By enhancing their employees’ skills and knowledge, employers can demonstrate commitment to their long-term success and career advancement.
Flexible working arrangements might have been in the pipeline for a while, but the pandemic further exacerbated the need for them. Hybrid working options and flexible hours can greatly improve employee satisfaction and recognise the importance of work-life balance. Furthermore, employers can show they care for their employees’ personal and professional well-being by offering mentorship or counselling services.
If people’s finances are precarious and you can’t afford to dish out pay rises, help them cut their costs…flexible working eliminates the cost of commuting. If you’re a company that prefers workers to be in office, at least allowing them to work from home during school holidays (and focusing purely on output, rather than hours worked) could save them a bunch in childcare. It’s moves like this that can show employees that the company they work for seriously considers their circumstances and tries to help where they can.
Wage rises as a percentage of pay is a long-term financial commitment for a company, and a move that creates a base line for new starters and future assessments of wage. If this is out of your reach, however, you could look at distributing a one-off bonus. It would be of great help to your employees, and it would strengthen their loyalty to the company for quite a while—bringing you a small return on your ‘investment’, with no obligation to repeat the offer every month (or even every year).
Perks and benefits are a compromise
While such work benefits as gym membership and shopping discounts can help increase employee satisfaction, it’s important to acknowledge the limitations of these incentives when people are struggling to make ends meet. They’re not much use if people can’t afford to feed their families.
If employees are expected to go above and beyond their job descriptions, it’s only fair that they’re compensated accordingly.
Recent data shows that 54% of UK workers believe they’re underpaid for their current job and responsibilities. The nature of work has changed irrevocably since the pandemic; many workers have been expected to upskill, especially with regards to technology. If rising business costs have led to cuts in a workforce/redundancies, and remaining members of staff have had their workload increased as a result (essentially joining two jobs into one), it’s even more appropriate that they’re paid a fair wage.
For every recruiter, it’s vital to understand the concerns and desires of potential employees. By considering both perspectives—the financial struggles of workers and the constraints faced by employers—you can provide valuable insights to your clients that foster healthy employer-employee relationships and which attract the best talent possible.
As specialists in recruitment website design, we know how important it is for people to feel seen and heard—whether they’re small businesses on a budget, looking to hire a great candidate to slot in with their tight-knit team, or jobseekers with specialised skillsets hoping to find a suitable salary and job benefits to match what they bring to the table.
If you’re looking to update your site or make it more attractive to both clients and candidates, contact us on 01302 288591 for a no obligation quote.
