{"id":1583,"date":"2022-09-02T06:57:34","date_gmt":"2022-09-02T05:57:34","guid":{"rendered":"https:\/\/www.biworldwide.com\/eu\/our-work\/blog\/reward-and-cost-of-living\/"},"modified":"2025-12-02T10:15:25","modified_gmt":"2025-12-02T10:15:25","slug":"reward-and-cost-of-living","status":"publish","type":"post","link":"https:\/\/www.biworldwide.com\/eu\/our-work\/blog\/reward-and-cost-of-living\/","title":{"rendered":"How can you keep staff motivated with your rewards system during a cost of living crisis?"},"content":{"rendered":"
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\n\t\t\t\tHow can you keep staff motivated with your rewards system during a cost of living crisis?\t\t\t<\/h1>\n\t\t\t\t\t\t\t\t\t\t
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With rising food prices and spiralling fuel costs, many employees are starting to feel the financial pinch. How can you keep staff motivated with your rewards system during a cost of living crisis?<\/p>\n\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

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With rising food prices and spiralling fuel costs, many employees are starting to feel the financial pinch. Having already seen people withdraw \u00a3801m in personal cash from post offices in July, the most since records began five years ago, people are literally counting every penny.<\/p>\n\n\n\n

The problem is that companies are affected too. With increasing expenditure, customers cutting back, and even the cost of transitioning to hybrid, many find themselves unable to increase salaries across the board, and certainly not in line with inflation currently sitting in double figures.<\/p>\n\n\n\n

Although our studies show that to keep employees engaged it\u2019s important to make money a non-issue, the reality is that currently it *is* an issue with companies struggling to provide what employees want, indeed need.<\/p>\n\n\n\n

As a result, an increasing number of employees, driven by a need to secure a bigger pay-packet to keep ahead of the rising costs, are seeking employment elsewhere. Indeed, a survey by CV-Library, revealed that 75.1% of UK professionals are considering a new job purely because of the cost of living<\/a>. <\/p>\n\n\n\n

75.1% of UK professionals are considering a new job purely because of the cost of living. <\/h2>\n\n\n\n

Even those not currently looking elsewhere are still being asked to perform at the same level for what is essentially less money in real terms. Not to mention that with cost of living concerns hanging heavy over many employees, it\u2019s understandable if their mind isn\u2019t fully on their job.<\/p>\n\n\n\n

Now, more than ever, companies need to be delivering a considered employee experience that not only increases the likelihood of keeping a workforce motivated but keeping a workforce full stop. As important as money is, especially in the current crisis, studies prove that it isn\u2019t everything when it comes to keeping employees engaged and inspired.<\/p>\n\n\n\n

Situational, emotional, motivational <\/h3>\n\n\n\n

For those companies with a rewards catalogue as part of their recognition offering, there\u2019s an opportunity to not only ease some of the worries facing employees but also make sure they continue feeling motivated, valued, and heard at a time when reassurance and a sense of belonging are vital.<\/p>\n\n\n\n

It\u2019s true, a catalogue won\u2019t pay the bills, but it can help ease the financial burden and, more importantly, keep employees energised and inspired. With people now facing a different – and more difficult – set of circumstances, tougher budgetary decisions may be needed as they cut their cloth accordingly. When the cloth in question often isn\u2019t big enough in the first place, there\u2019s every chance that priorities need shifting.<\/p>\n\n\n\n

In the coming months, how rewards are communicated to employees needs doing carefully, strategically, and sensitively. Although aspirational rewards remain a powerful motivator, a shift in priorities calls for a shift in messaging too.<\/p>\n\n\n\n

If companies want to emotionally engage employees and encourage them to earn and spend points, it\u2019s important to promote rewards that resonate right now that they\u2019ll remember. After all, in challenging times the feelgood factor of a treat can really lift the mood.<\/p>\n\n\n\n