2Increased employee vulnerability and risk
Contact centre employees are not immune from cost-of-living pressures. However, rising inflation, and its impacts on staff, are often ignored by businesses.
The UK’s Office for National Statistics said the cost of living is increasing at its fastest rate in 30 years.2
Energy bills in the UK are due to rise by an average of 50% this year. Combined with the climbing cost of food and soaring gas prices, employees may soon not be able to afford to work from home, let alone come into the office.
Businesses will need to do more not only to attract talent but also to retain the employees they already have.
Steep increases in salary levels and incentives are being offered to employees to help support them during this period, but there is more that will be needed and demanded. Businesses will need to have processes in place to support their employees with their general well-being. People have just dealt with the pandemic, and now they are faced with the stress and potential isolation of a cost-of-living crisis. Who can afford to go out with friends?
According to MIND,3 a mental health charity,“Poor mental health can make earning and managing money harder. And worrying about money can make your mental health worse. It can start to feel like a vicious cycle.”
The consensus amongst the group of CX leaders is that businesses are adapting, but there is still more that can be done. The opportunity to take a role with progression opportunities, a good work-life balance, incentives, and benefits will help. However, what will be equally critical is cultivating support in mental health, engaging good mentors, and building sound internal networks that offer help or opportunities just to “pass the time of day” with someone.
Interestingly, all of this is happening when, for the first time on record, the number of advertised jobs has risen higher than the levels of unemployment. This is according to the Office of National Statistics (ONS),4 who recently shared an unemployment rate of 3.7% for January to March.
3.7% unemployment means that 1.26 million people are looking for work in the UK, whilst for the same period, the number of vacancies rose to 1.29 million.
Does this add further weight to the need for companies to digitise?