How to retain employees during the cost-of-living crisis?

According to the World Economic Forum, 51% of employees are considering a new job. Companies lose 25% of their employees during their first year of employment. If you want to keep your employees, here are some tips.

Many people are struggling to make ends meet, as prices continue to rise while salaries remain stagnant. If your organization is also feeling the financial squeeze, there are other ways you can help your employees.

Save money on transportation

The rent increased significantly, forcing people to find new, more affordable accommodation. Many employees chose to move outside big cities to save money, but the savings weren't significant as transportation prices also increased. Companies can help by letting employees work from home, which saves them money and time on transportation.

Encourage and recognize teamwork

Team members step up to help their co-workers if they are struggling to meet a deadline. Leaders should reward them for their proactiveness and cover for their work. While bonuses are great, even cost-free options such as recognizing great effort in front of other employees or making appreciation posts on various channels. Company-wide emails highlighting good teamwork and exemplary behavior are also a great method to recognize someone's effort to go above and beyond. However, leaders should bear in mind that they should not unintentionally make others feel guilty for not doing it. 

Give employees time to recover

A crisis can affect employees' energy and productivity levels and their ability to focus. This is normal and no one should be held accountable for a drop in productivity during a crisis. The priority is to ensure employees' safety. Employers need to understand that even after a crisis, there is a recovery period needed for staff to recenter and come back to normal productivity levels. Don't put unnecessary pressure on their performance - be patient, and empathetic, and offer them support.

How are you retaining your employees during this crisis?

If you don't have plan for it - get ready as 25% of your stuff will quit soon! If this is a concerning number, then you should start thinking about what you offer your employees and if there are more intangible aspects to do to be a good leader.