Ben Whitter: Creating Moments That Really Matter to Employees During the Cost-of-Living Crisis
Employee experience (EX) has never been more important, and the competitive advantage developed here is greater than ever in the context of a labour shortage and a cost-of-living crisis.
Creating a strong, healthy, and vibrant relationship with employees during the most challenging period of their careers, and perhaps their lives, is the task being faced by employers all over the UK. The list of global and local challenges seems to get larger every day, and it would be a strategic blunder not to understand how powerfully these crises impact work, productivity, and the related business performance. So, what will help businesses attract, retain, and maintain a highly connected and engaged workforce during intense periods of change and challenge?
Focusing on the moments that matter more for employees
A key innovation that EX has brought to the fore is the concentrated attention and investment into moments that matter. This has helped companies prioritise their efforts to high-value milestones and interactions across the employee journey. Using data wisely, companies opt to shape significant moments from pre-hire to retire to maximise their impact and return on investment; not all moments are created equal across the employee experience.
A case in point right now is the global cost of living crisis. From forecourts to shopping aisles, spiralling costs of basic essentials are spiralling, and energy bills are forcing inhumane choices like ‘heat or eat’. It’s a moment of real worry as inflation, rising mortgage and interest rates, and a weak pound is pushing consumers (and employees) to their financial brink.
From paying bills to affording Christmas, this crisis is creating new moments that matter which, critically, are also moments where employers have real authority to act. As the primary source of income for most people, the salary-link between employers and employees means help here is both welcome and memorable. Perhaps more so than physical and mental health, financial health is an area where organisations can make a real difference for their staff. It is a growing and fertile ground for EX to expand into.
Taking action; making moments count
Intervening impactfully in these moments often requires thinking outside of the box. For example, while companies may not be able to increase salaries across the board, it’s not just what they pay that matters; but when as well. This is an important mindset change for business, and one the progressive think tank ‘The Resolution Foundation’ recommended at length in their report, A New Settlement for the Low Paid. To quote, “workers should have the right to choose how regularly they are paid.” Increasingly, I’m inclined to agree.
Indeed, in the current context of a financial crisis, research like this becomes even more relevant. A tanking economy directly creates some of the most memorable times in one’s life, and employers going above & beyond here would take EX to the next level. This logically leads us to consider actions that meet the moment. To take On-Demand Pay as a relevant example:
Employers are in a unique position to further support employees due to their direct control over salaries. Many organisations can provide therapy, a gym membership or other interventions to help during a personal crisis – only an employer can provide On-Demand Pay as part of the EX.
Employees could benefit immensely from fast, seamless, and immediate access to their salaries, which would make a real difference in helping people to stay on top of their financial obligations while giving people some much-needed breathing space.
Giving employees options, choices, and more control over their pay naturally develops a more personalised EX. Employees that have more control over their lives and their work are more productive, more engaged, and create more profitable businesses.
During times of crisis, it’s not business as usual. How companies respond to these moments can frame the entire relationship between the employer and employee. It can have massive repercussions on how companies are perceived in the market and by their own workforce.
Positive interventions such as On-Demand Pay, especially at moments of high stress and emotion, live long in the memory and their impact is amplified – no-one forgets a helping hand and tangible support that is delivered right on time.
