How to talk to employees about the cost-of-living crisis
Employees are feeling the pinch as energy costs and inflation continue to soar. In a quest to prevent a corresponding hike in employee stress levels, HR professionals are turning their attention to how to speak to staff about the potentially delicate and emotional topic of their finances.
HR Magazine recently published a fascinating article on the subject.
The article claims that there can be huge variations in levels of financial literacy among employees. So, before broaching the subject, it recommends gaining a good understanding of what your employees already know and of what they might need going forwards. Tools such as listening exercises, surveys and focus groups are effective ways to collect this information.
Based on this feedback, employers should then develop a clear strategy with specific objectives about how to support employees. This could include raising awareness of financial wellbeing among the wider team, providing individuals with access to specialists, signposting the support systems available, and hosting workshops focused on financial wellbeing.
The article highlights the importance of keeping communications on the subject simple. Steer clear of jargon-heavy or inauthentic-sounding communications. Opt for clear, impactful language instead.
Similarly, don’t just rely on email to convey your messages. Reach out via text, telephone or in-person, engaging in a two-way stream of communication so that every individual knows that their voice matters, and that your organisation cares about their individual wellbeing.
The article suggests that the benefits of having this conversation with employees go well beyond finances. By offering concrete support to staff to help them through the cost-of-living crisis, you’ll build trust and loyalty, ultimately boosting retention.
ABL, your expert recruitment partner, hopes that you found this article interesting. If you’d like any support with the recruitment element of your HR challenge, please get in touch. With over 30 years’ experience in the field and a vast pool of talented, active job seekers on our books, we can find the perfect candidates for all your open vacancies, saving you lots of time in the process. Please email us at firstname.lastname@example.org or call us on 020 7092 3911 to brainstorm the options!