08 Sep 2022

How to remain an employer of choice during cost of living crisis

You might not be able to offer double-digit pay rises as inflation surges, but there are other ways to boost your reputation as a business that supports employees

How to remain an employer of choice during the cost of living crisis.jpg 1

Every HR leader wants to keep their top employees. But as the competitive market for talent continues to test businesses and as many employees struggle with sharp cost of living increases, companies face a challenge to remain an employer of choice.

Where do they find room in that ever-shrinking budget to support their employees through these tough times? Not every company can afford double-digit pay rises to help employees keep up with inflation.

A spring 2022 study from Reward Gateway asked 3,800 employees and senior HR decision-makers from companies across the UK, Australia and the US what they are going through and how workplaces can help.

So what are employees’ top needs? What would make them stay, or choose one organisation over another, maybe even one that pays better? The answers may surprise you.

Here are some highlights:

85% of global employees say it’s important to be recognised by their peers and managers for their efforts. Recognition actually ranked above rewards.
80% of global employees say it’s important for employers to offer financial wellbeing resources and tools.
40% of employees in all locations surveyed would leave a job that didn’t offer them flexible working, reward and recognition, and financial, physical and mental wellbeing support.

The survey results point to a primary shift in employee mindsets, expectations and must-haves. The data sends a strong message to employers about what they need to do to help employees navigate ongoing cost of living increases and become an employer of choice in the post-Covid-19 pandemic world of work.

On the plus side, companies are discovering many innovative ways to enhance their value proposition to employees, such as an increased focus on mental health and work-life balance. With the competition for top talent showing no signs of abating, enhancing employer brand is more important than ever.