Retaining staff in this cost-of-living crisis – HR News

Posted on Jan 13, 2023 By Emma Gross, employment partner, Spencer West Since Covid-19 erupted into our lives, we have seen enormous shifts in the economic climate. Businesses have closed; redundancies are rife, and the cost of everyday goods and services are rising at an exponential rate. The cost of living crisis is inevitably having an impact on employers and a key issue is staff retention. Whilst energy bills and inflation have risen, salaries have not and employees are struggling to remain focused, incentivised, and loyal in such turbulent times. The recent cold weather has been particularly challenging for people who work from home and who may be worried about the costs of heating their homes during office hours. Low-income households are eligible for extra help with energy bills, and everyone will receive a reduction of at least £400 this winter, but this is merely a drop in the ocean when you look at the rising costs of everyday expenditure such as travel, petrol, food, and energy. Understandably employees are feeling the pinch and are craving job security and financial stability. Similarly, employers are losing valued members of staff who are looking to jump ship in the search for better
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