"What's up with those gas prices?"
How many of your conversations have mentioned gas prices in the past week alone? Increased prices have been the season's hot topic, forcing us to pivot our summer plans, look at our budgets, and force us to make some cuts. But, even though we can't control the state of the economy, we can check in with our employees and see how we can assist them in this time of need.
While we are focused on the rising cost of everyday expenses, the more significant investments, such as healthcare and retirement, are often overlooked. As employers, we can help our workforce deal with the effects of inflation by strategizing benefits that can minimize the financial burden they are experiencing.
Strategies for Coping with Inflation
It is reported that 82 percent of HR executives are concerned about how their employees' workplace productivity is affected by their financial matters. From increased retirement contributions to health care assistance to financial planning, here are five strategies to support your workforce with the day-to-day impacts of inflation.
Support Financial Wellness Initiatives
Financial wellness is top of mind for most workers in times of inflation and economic trouble. So help your employees by giving them resources and options for student loan repayment assistance, retirement contributions, health care assistance, and general financial planning.
Salary Increases and Bonuses
Besides inflation, today's hot job market is impacting almost every business. With that said, employee retention is critical. Organizations are already taking measures to ensure that their workforce stays put, with 73 percent increasing their payroll budget by 4 percent.
Allow for Remote Work
During the early stages of the COVID, it was evident just how convenient working from home was for organizations and employees. Suddenly, we weren't scrambling on a Monday morning to get gas before heading to the office or bringing an extra twenty dollars for lunch that day. Remote work also allows employees to move out of expensive cities– instead of moving away and leaving the company altogether.
Add Additional Temporary Benefits for Office Workers
If remote work is not an option for your organization, try implementing additional temporary benefits for your employees to help them offset some of the costs of coming into the office. These benefits can be as simple as offering breakfast and lunch a couple of days a week or giving employees a stipend for commuting costs. Other perks include grocery/gas gift cards, tuition reimbursement, or daycare subsidies.
Hold Off on Premium Increases
During this time of inflation, keep your employees' premiums as low as possible for any insurance they have through the company. This can include reexamining employee healthcare costs, which have drastically increased due to the pandemic.
Communication is Key
Inflation anxiety is a thing–for employers and employees alike. So before you offer strategies to your employees to help offset inflation costs, communicate with them to determine which solution is beneficial to lessen the financial burden for everyone in the office.
PTO Exchange can help you self-direct your unused PTO to make it more into financial wellness, vacation, philanthropy, and more. Talk to your HR department and contact us today to learn more.