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How to invest in your employees amid UK cost of living crisis

A fifth of managers say there's a lack of technical skills in the job market.

Two women from Breedon Consulting in Leicester look at a document
Employees at Breedon Consulting

Employees in the UK are quitting their jobs due to the rise in living prices, now more than ever invest in your employees to retain them.


Now more than ever, it is very crucial for employers to do everything they can to retain their employees. The rise in living costs has begun to affect the workplace, resulting in a new trend of employees 'quietly quitting'.


Inflation in the UK is at its highest, with basic necessities such as food reaching their peak since 2008 averaging an increase of £454 a year. Recently, prime minister Lizz Truss announced the capping of energy bills, preventing them from becoming any higher than they are now.


The recruitment market is growing increasingly more difficult for people to find jobs. Many employees are beginning to evaluate the benefits they are receiving from their employers and questioning whether it is worth staying at their jobs.


However, now more than ever it is very crucial for employers to invest in their staff through training as it could help retain employees and attract new talent.


Managing director at Breedon Consulting, Nicki Robson quotes: "We’ve advised many businesses throughout the year on how to navigate through these difficult circumstances, as financial concern rises in employees who are considering quitting in search of higher salaries, flexibility and better benefits."


HR experts at Breedon consulting, have highlighted three ways employers can support their employees' development and well-being during this uncertain period.


Upskilling and reskilling

There is currently a prominent hiring challenge businesses are facing, according to the ECI Partners. A fifth of managers have said there is a lack of technical skills and knowledge in the job market.


Nicki states: “Investing in upskilling and reskilling is an excellent way for businesses to develop and progress employees.


"During the pandemic, the level of preparation and training for managers was not always feasible, therefore many had to adjust their leadership style when managing their teams remotely without any training or guidance.”


According to data from Virgin Media, O2 Business and Censuswide, 47% of employees would be more satisfied in their roles if they were provided with digital training. Whereas, 42% claim, they would be less likely to leave their jobs for another one. This suggests that investing in upskilling and reskilling is a valuable and great tool for businesses.


Incentives

Nicki gives businesses internal advice, on how to support their employees during this time. She says: ''It’s vital to support your staff wherever possible, with incentives, bonuses and re-evaluating salaries through performance reviews, to help with the cost of living."


Statistics from the Office for National Statistics, states that almost 5% of businesses with 250 or more employees have offered a one-off cost of living payment in the last three months. Such incentives help employees with the rise in the price of their bills.


Work-life balance and wellbeing

"Finding the balance between a healthy, positive workplace and lifestyle for employees has never been more critical for business owners. Open communication in the workplace is an excellent way to ensure employees feel supported and heard,” according to Nicki.


Glassdoor reported that three-quarters of workers thought that having an annual leave is a great way to reduce fatigue. However, only three in five employees ever get to use their full holiday entitlement.


Niki then adds: “Identifying employee's needs and supporting them wherever possible, by offering flexible or hybrid working... can help to retain your workforce."

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