Collective responsibility in turbulent times
As business people, we’re all acutely aware of the incredible turbulence that our economies have experienced recently and that continues to make life difficult - both for the bottom line and our people. First Covid and Brexit, and now the energy crisis, rampant inflation, rapidly increasing interest rates, staff shortages in some sectors and lay-offs in others.
In this context, UK Chancellor Jeremy Hunt’s budget yesterday seems like a very small support pebble dropped into a very big problem pond and will likely create only very modest ripples for most. He’s talked at length about stability and getting people back to work. The strategy isn’t very ambitious because this economic backdrop doesn’t allow for ambition. It would be easy for businesses to simply double-down on self-preservation. Whilst short-termism may get us to tomorrow, it would also create a tomorrow that comes with chronic issues that are even harder to undo.
It’s a cliché to say that a business is only as good as its people. But the truth of this cliché means that we need to support them when times are tough, as much as reward them when times are good. The anxiety created in those struggling with higher bills, more expensive supermarket shops and employment uncertainty, can’t be underestimated. It’s both our contractual, as well as moral, duty of care as employers to consider how we can alleviate and mitigate these stresses.
So, what could that support look like?
1.Offer financial support, that needn’t cost the earth:
Salary and pension offerings are naturally front and centre for finance provision. But what other contributions could your business make?
Rethink benefits packages. Can you innovate around flexible working, like compressed hours, to lighten the burden of childcare costs? Instead of shiny nice-to-haves, include perks that reduce day-to-day costs. For example provide free or discounted lunch options with local businesses or swapping gym memberships for the equivalent in childcare subsidy.
Taking it further, consider if your policies and processes are financially inclusive. For example, offer a small loan or advance to new staff to help with the new equipment, clothes or materials that they’ll need.
2. Look out, especially for minoritised employees:
Studies show that minoritised employees are at a greater risk of being made redundant during restructure or organisational change. Additionally, minoritised people are statistically more likely to experience poverty, mental health issues and discrimination. This makes them an extremely vulnerable group when we’re thinking about protection and provision for employees. Understanding how change disproportionately impacts minoritised people within your organisation is a vital part of supporting them through uncertainty.
Do you have policies and processes in place to ensure that selection processes are fair, objective and bias free? Consider how any change programmes impact minoritised employees who’re left behind. E.g. are they now left as lone workers in a decimated team? Will extra responsibilities mean they have to give up other potential career-enhancing work now like ERG participation?
3. Build capability to support employees through change:
Often, change is top down, leaving teams to feel that they’re being subjected to it.
This can be avoided, particularly where change programmes are expected and can be planned for in advance.
Making compassionate communication a central part of your change strategy will undoubtedly help with transition.
Provide training for leaders on how to spot signs of low resilience, burnout and stress. Knowing how to care for teams dealing with change are vital management skills that are often missing. It can also support those who’re enacting the change.
How can we help you?
Building an organisation of people who understand how to weather storms of uncertainty together means that, whether the change is internal or external, your people feel supported and able to continue being productive. To explore how we can help with your specific challenges, connect with us.