The cost of living crisis

What impact is the cost of living crisis having, and what can we do manage the impact?

I often read that this topic is impacting very much each one of us as individuals, as employees, but it does impact businesses too.

When it comes to retention or offering people support, it is about coming at it from the people point of view and what they are expecting. Any type of support will of course cost money, but here is where I strongly believe how my role can support those difficult topics.

Innovation in HR comes from understanding the business and commercially to come up with new ideas that can support both retention and budgets.

Here are a few ideas to share for those with a tight budget:

1) Self-funding pay rewards will always make your team happy and support collaboration and team work. It is always cheaper than a pay rise because it will depend on revenues and performance.

2) Creating pay scale and progressions through a grading model. Pay rise without the right level of grading will impact your bottom line.

3) Up-skilling, Re-skilling, L&D support. People look for progressions and training, plus up-skilling or re-skilling helps future proof an organisation!

4) Look for the right benefits, those that employees want. Listen to the feedback and those are your short wins.

Get in touch to provide you some more ideas!