How Leaders Can Support Employees in a Cost of Living Crisis
Nicola Skorko ??
Helping Women in Telecoms Get Promoted and Become Stand out Leaders, Whilst Staying True to Themselves | Trailblazer 5 Places Jan| DEI Report & Plan | Equity Workshop | 000's global client | English Channel Swimmer ??♀?
The cost of living crisis is a pressing issue for organisations.
Over the past few months there has been a real shift. The economy is struggling and the corporate world is feeling the strain; especially in the telecoms and tech industry.?
With inflation rates at their highest in decades, fuel prices through the roof, and the general cost of living and day-to-day expenses going up, money is just not going as far as it used to.?
The threats of a recession are now becoming a reality and the shrinking economy is only bringing more problems for organisations and the people within them.
In corporate especially, companies are seeing headcount and budget freezes, facing restructures and possible redundancies… yet the workload for women and their teams still remains the same.
Everybody is struggling and leaders are expected to step up - once again - in these challenging times.
As a leader, your focus is on the big picture… you have to see the perspective of the board and develop strategies that will help the business not only survive but thrive. But you also have a responsibility to your team, to support and lead them effectively during challenging times.?
Here are some steps you can take to help you focus on leading with impact and influence, supporting your team, whilst looking after yourself as well.
1. Provide practical support
A survey from PWC surveyed how organisations were responding to the cost of living crisis.
Direct financial support is an obvious way to help your employees during a cost of living crisis, either through one off bonuses or pay rises. However, non-monetary support like shopping discounts, financial wellbeing programs, and employee hardship funds can also be incredibly helpful.
If extra financial support isn’t an option, there are alternative incentives you can offer that still provide the practical support your team needs. For example, you could allow people to sell back and use holiday entitlement, offer loans for public transport, provide salary sacrifice schemes to assist with things like childcare vouchers or cycle to work programmes.?
The key is to be flexible and make sure you’re taking your team's unique needs into account!
2. Show empathy and understanding
To be able to meet the needs of your team, you need to understand what they are. Different people have different needs, which will impact what they want and expect from you as their leader. Some may be more concerned with the cost of travel and utilities, while others will be worried about supporting their families.
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Empathising and recognising their individual challenges, helps you to better understand their emotional and practical needs, and support them in a more meaningful way. Listen to Brené Brown’s TEDx Talk on the power of vulnerability to really understand what’s at the heart of empathy and why it's so powerful to be able to put yourself into other people's shoes and understand their feelings and emotions.
It’s important you get to know your team as the people they are rather than just an employee, take the time to understand them and empathise with their situation, know what they need, and what will make a difference for them.
3. Communicate and connect!
Communication and connection are vital in times of crisis!
You need to be clear on what is offered from a practical perspective, but you also need to take the time to listen to your team, make sure they feel heard and recognised. It’s a tough time for everybody and people need more than just cold, hard cash and practical solutions to get them through.?
Try setting up regular sessions for your team to share their thoughts, how they're feeling, and ask any questions. Get a sense of where they’re at and what they need, then you can lead accordingly.
But don’t forget to keep in mind the sensitivity of the issue. Does your team have access to you on a personal basis? Do they have a way to speak to you 1:1 and share what's going on for them if they don't want to or are embarrassed about their situation?
Creating these regular points of connections ensures everybody is getting the support they need during difficult times.
Want to know more?
I talked more about how leaders can support employees in a cost of living crisis in an episode of the Women at the Top of Telecoms and Tech podcast.
Nic?
P.S If you need my help supporting women in your organisation, leading through uncertainty and closing the gender pay gap you can contact me below.