Help support your employees during inflation
It’s no secret that the talent pool is getting smaller while inflation is steadily increasing. But, while the cost of living and consumer goods are growing, organization costs are also rising. This makes it difficult for some employers to match the inflation rate with salary increases. If providing pay raises isn’t within reach, there are several ways you can provide value to help retain current employees and attract new ones. While it’s always a great idea to offer medical and supplemental benefits, retirement savings options and health programs, below are some additional ideas that could help you remain competitive.
Educational and Coaching Incentives
Encouraging employees to further their education, learn new skills and obtain career-specific certifications not only allows them to value their position in your organization, but shows them that you are willing to invest in their success. You can also work directly with each department to provide coaching and mentoring programs. This helps foster internal relationships and allows your employees to feel more involved.
Corporate Discount Programs
Reach out to your community and surrounding businesses like zoos, museums, theme parks, hotels, concert venues and popular restaurants to see if they offer a discount program. You can provide your employees with free or discounted passes to help them save money on entertainment. These perks can help increase employee engagement, recruit more successfully and reward your current workforce.
Help Employees Feel Connected
With the rising cost of everyday items, even lunch can seem a bit pricey. Treat your employees to the occasional free catered lunch, call in a few food trucks to set up in your parking lot or host potluck picnics. Everyone loves free stuff, and these occasions allow employees to reconnect and get to know each other.
Financial Wellness Programs
Financial stress can be a distraction for employees during inflation. You can help them alleviate some of this stress by incorporating a financial wellness program that offers seminars, one-on-one consultations, coaching or education. These programs can help your staff plan for retirement, prepare for the unexpected, create day-to-day budgets and give them a sense of comfort during these challenging times.
Promote Mental Health and Wellness
Mental health awareness and support have become a higher priority for organizations post-pandemic. Providing ways for your employees to reduce stress helps them be more productive and happier workers. You could offer counseling sessions, guided meditations, app subscriptions or self-help podcasts, teletherapy meetings and virtual coping skills workshops. These tools also help to destigmatize mental health and encourage more employees to ask for help when needed.
This blog is up to date as of July 2022 and has not been updated for changes in the law, administration or current events.