Cost of living: Reward and retention when pay rises aren’t feasible
Your team members often work hard and remain loyal because they are passionate about the job they do, but with the cost of living rising rapidly, it’s understandable that employees are looking for more.
As much as we wish they were, company-wide pay increases are just not always viable, but in an unpredictable economic climate with an unstable cost of living, it’s more important than ever that you still find other ways to reward your teams.
Fortunately, pay isn’t the only way to reward. There are plenty of creative solutions on hand to boost retention without breaking the bank.
Understand what your employees really need
The scattergun approach is never going to be effective when it comes to retaining your valuable team members. Assess the current climate and ensure you are meeting relevant needs and problem-solving the issues your team face regularly. Problems often go beyond the workplace, and can include rising utility bills, lengthy commutes, and difficulty accessing healthcare or GP appointments. If you don’t already have an employee benefits offering to accommodate these things, you may want to…
Bolster your employee benefits
The employee benefits you offer should cover all bases, and their main purpose is to improve your team’s wellbeing and quality of life. It’s also increasingly essential that your employee benefits align with your team’s values. 91% of millennials recently surveyed said they would be more likely to trust an employer who supports social or environmental issues, and trust has long been the cornerstone of employee retention in modern day workplaces.
Carrying ESG employee benefits could be a lifeline for your business. With the cost of living skyrocketing, more and more people want to be environmentally conscious but struggle to afford it. With ESG benefits, such as ethical Net Zero pensions, electric car rental schemes, support and counselling options, and more on the table, it’s easier than you might think to support the issues that matter most to your colleagues.
Offering benefits like these is the first step towards accommodating various issues your employees face, and they’re certainly a lot more cost-effective if a blanket pay rise is financially unfeasible in the face of a rising cost of living.
Make life easier
Having a host of great benefits is just one rung on the ladder towards elevated employee engagement and wellbeing. The next step is accessibility. It’s essential that your teams can access their benefits easily and quickly, whenever and wherever, all in one place. Offering your benefits scheme on a platform that is easy to navigate, and accessible 24/7, is essential.
The solution?
Scouring the market for competitive benefits and an intuitive, accessible way to provide them to your teams can be a scary prospect – that’s why Lumina is on hand to help. Lumina brings together a curated selection of sustainable benefit options in one easy-access online platform, so you can show your employees that you care about them, the planet, and the people who live on it.
We’d love to show you how it works – get in touch to book a free, no-obligation demo.
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