4. What organizations can do to help their employees with the cost-of-living crisis: supporting employee well-being and engagement.
During the
period the economic crisis happens, giving priority to employee’s well-being and
handling engagement is important to uphold productivity, efficiency, and
satisfaction in a company. This is especially applicable to recent atmosphere in
Sri Lanka including past few years, where fluctuations in economic conditions
greatly impact to people's finances and quality of life. For minimize the
impact from unestablished economic environment, there are some strategical
approaches which can be implemented by the organizations to support or
encourage their employees,
Offers personal
finance management programs, this
is one of important approach that can be used to assist employees for
managing their financial status throughout the challengeable times. For
example, Companies can be provided workshops or seminars which are related to
the financial planning and using those can be educated their employees on
preparing their budgets or saving and also can be educated about investing
methods which are applicable to Sri Lanka's present economic situation.
Furthermore, providing flexible remuneration packages or incentives such as
subsidy funding, increase salaries according to the situation, low-interest
salary advances, or assistance with necessities such as housing or healthcare,
can also help employees to reduce their financial stress and improve overall
health (Saul Howerton, 2023).
Added to
that, in a company creating a supportive workplace environment which is
promoted open communication and empathy is essential. The leaders in the
companies need to inspire their
employees for open communication about the issues that they have encountering
as a result of the cost-of-living crisis, as well as they need to be actively
listening to their concerns (Saul Howerton, 2023).Employee assistance programs
(EAPs) can also be useful in offering counselling and support services to those
who are dealing with financial stress or other personal difficulties (KPMG,
2022; Jake Waller, 2023).
Moreover, implementing
work-life balance is also important for maintaining employee engagement in
the face of economic uncertainty since it is help to boost productivity and the
loyalty (MACF Aroosiya, 2022). Offering flexible work arrangements, such as
remote work/ work from home or flexible scheduling like given employees to
choose their own working hours enables employees to better manage both of their
personal and professional responsibilities (Jake Waller, 2023). As well as showing
appreciation to the employees giving through bonuses, incentives, or non-financial
rewards for their achievements or contributions, may also raise morale and
motivation during challenging circumstances (employment hero, 2022).
How Sri Lankan Companies Involve with Their Employee’s Wellness During Crisis Time:
Mas
holdings has
implemented welfare program to support their employees within economic crisis.
They have paid many extra payments and adjust their wages according to the
situation severally. As well as they have made some donations with dry rations
to their employees and for the third parties. For support employee mental
health, the company increase the availability of their mental health
counsellors at the plants as well (MAS, 2024).
Another well-known leading manufacture Hemas Holding PLC also organized dry rations donation within their employees as well as partnership with Dilmah, Brandix and Daraz they have made the community service to overcome the crisis issue (Daily Mirror, 2022; UNDP, 2022). And, Hemas introduced to their customer flexible working arrangement like work as part time or Work from home to balance work and family responsibilities also they have provided counselling programme to keep up the mental health of their employees (Hemas Holding PLC, 2023).
In my own
experience, Rinstrum (PVT) LTD, weighing manufacture and export company in Sri Lanka, has given their employees to extra
payment monthly additional to the salary to support current economic crisis and
the company is practicing flexible work arrangement for their employees also
providing accommodations to work from office premises when needed.
Conclusion:
Overall, by prioritizing employee well-being
and engagement, companies could have minimized the negative impacts of a
cost-of-living crisis on their workforce. Organizations may help employees
handle economic crises with resilience and optimism by providing financial
assistance, supportive work environments, and possibilities for advancement. This
was successfully implementing trough the Sri Lanka within these years and the
companies face with the economic crisis positively.
References:
Available at: https://www.masholdings.com/media-centre/mas-makes-employee-welfare-a-top-priority-amid-economic-crisis/
[Accessed on 01st Apr 2024].MACF Aroosiya, (2022). A Study on Work Life Balance During the Economic Crisis in Sri Lanka. American Journal of Interdisciplinary Research and Innovation 1(3):17-23
Saul Howerton, 2023. How employers can support their employees during a cost-of-living crisis.[Online]
Available at: https://www.vistra.com/insights/how-employers-can-support-their-employees-during-cost-living-crisis
[Accessed on 02nd Apr 2024].
Jake Waller, 2023. Supporting employees during the cost-of-living crisis, findmyshift.[online]Available at: https://www.findmyshift.com/au/blog/supporting-employees-during-the-cost-of-living-crisis
[Accessed on 01st Apr 2024].
DailyMirror, 2022. The power of partnership. [Online]
Available at: https://www.dailymirror.lk/print/news-features/The-power-of-partnership/131-250012
[Accessed on 02nd Apr 2024].
The Team, employment hero, 2022. How you can support employees through the cost-of-living crisis. [online]
Available at: https://employmenthero.com/blog/support-employees-cost-of-living-crisis/
[Accessed on 02nd Apr 2024].
UNDP, 2022. Hemas, Dilmah, Brandix and Daraz come together to provide emergency relief. [online]
Available at: https://www.undp.org/srilanka/press-releases/hemas-dilmah-brandix-and-daraz-come-together-provide-emergency-relief
[Accessed on 02nd Apr 2024].
Hemas Holding PLC, 2023. Annul Report, Colombo: Hemas Holding PLC
Moorepay, (2022). Supporting employees with the cost of living crisis.[online]
The impact of economic crises on workers' financial security and quality of life is acknowledged at the outset of your piece, particularly in settings like Sri Lanka where there are notable changes in the economy. This acknowledgement prepares the ground for a conversation on how crucial it is to promote employee engagement and well-being in these trying times.
ReplyDeleteBy creating supportive work environments and offering opportunities for advancement, organizations can foster a resilient workforce that can navigate economic crises with optimism and strength
ReplyDeleteThis blog provides insightful strategies and examples of how companies in Sri Lanka are prioritizing employee well-being during economic crises. It emphasizes the importance of offering financial support, creating supportive workplace environments, and promoting work-life balance to mitigate the negative impacts on employees. Overall, it highlights the proactive measures taken by organizations to support their employees during challenging economic times.
ReplyDeleteThis blog offers smart tactics and real-world examples of Sri Lankan businesses putting employee welfare first in times of economic crisis, so this is a nice article
ReplyDeleteSadly, in a third world country like Sri Lanka, not many companies could do much for the crisis situation! High number of people migrated for the simple fact that employees' needs were not met!
ReplyDeleteThis blog post provides a compelling and practical overview of the steps that organizations can take to support their employees' well-being and engagement during a cost-of-living crisis.
ReplyDeleteImplementing programs centered around personal finance management can help employees navigate through economically challenging periods by educating them about budgeting, saving, and smart investing according to the local economic context. Provision of flexible compensation packages, subsidies, or even low-interest loans can alleviate the pressure on employees' wallets and contribute to their financial stability.
ReplyDeleteEmployers may encourage employees to be resilient and upbeat during economic downturns by offering financial support, encouraging work conditions, and opportunities for career growth. This was implemented around Sri Lanka in these years with success, and the businesses responded well to the economic downturn
ReplyDelete