How employers can support employees during high economic times
With the increase in cost of living in the country, employers must recognize the importance of supporting their employees during these challenging times.
The cost of commodities such as maize flour (Unga), fuel, sugar and cooking oil remain high with Kenyans struggling to put food on the table.
Financial stress can significantly impact on employee wellbeing, job satisfaction, and productivity. As a result, many organizations are taking steps to provide support and alleviate some of the financial concerns faced by their staff.
Here are some of the ways employers can support their employees during this economic hard times:
1. Prioritize employee wellbeing
It is in order for employers to focus on the well-being of employees. This is especially true during the cost-of-living crisis because they’re likely to be facing higher levels of stress at work and at home.
Unsurprisingly, job losses, financial uncertainty, falling engagement, and increased productivity are a bad recipe for employee wellbeing. But well-being is more than just how happy someone seems. It’s about finding a good balance because healthy employees = healthy business. Employers should also consider offering financial advice.
2. Be transparent with employees
Honesty and openness creates a sense of psychological safety that is essential during times of crisis. That’s why, during the cost of living crisis, it’s important for leaders and managers to be transparent at work. If you can’t afford to give the usual bonus or annual pay rise, be honest. Tell employees how you plan to support them in the cost of living crisis.
3. Build employee resilience to help them adapt during hard times
Your people are a business’ secret weapon to thriving in tough times. Support your people and they will support you.
Having a resilient workforce has huge benefits. Your people can deal with change and are less susceptible to burnout. It drives motivation and improves employees’ overall health. That’s because resilience and workplace wellbeing are linked.
4. Develop healthy relationships for moral support
During the cost of living crisis, employees may feel stressed and isolated, which can negatively impact their mental health and overall wellbeing. By developing healthy work relationships, employers can create a supportive and collaborative environment that helps employees feel more connected and engaged in their work.
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