Inflation has become a hot topic this year, and for a good reason. A recent study summarized by Staffing Industry Analysts (SIA) found that 66% of American workers are concerned they will need to look for a new job to earn enough to keep up with inflation. In addition, a report by the Society for Human Resource Management also found that 73% of HR professionals are worried about inflation’s impact on workers’ well-being. More recently, the senate passed a climate, health care and tax package called the Inflation Reduction Act.
In this article, we discuss ways that you, as an employer, can reduce the impact of inflation on your employees. Keep the following in mind when addressing inflation concerns.
Keep the lines of communication open
One of the most impactful things you can do to ease the stress of inflation on employees is to keep the lines of communication open. Bart Bean, the CEO of Insight Global, says, “The simplest way to ensure your employees are content in their current roles is to ask them. Find out what they need — is it a raise, the ability to work from home, or are they feeling disconnected?” Communicating effectively and ensuring your employees’ needs are met can help ease the anxiety of dealing with inflation.
There are multiple ways to achieve this, such as regular team huddles, quarterly development conversations, group meetings with the CEO, and keeping employees updated on the latest company news.
Offer a Hybrid work model when possible
Remote work is here to stay, and for a good reason! With inflation, most notably the rising costs of gas prices, the appeal of working from home has risen significantly in recent years. The Insight Global survey found that 26% of workers plan to ask that they be allowed to work from home. In addition, 24% of those already working remotely plan to continue doing so most or all of the time until gas prices go down.
In addition to reduced commuting times, offering a hybrid work model gives your employees a bit of buffer room regarding work-life balance. Providing your employees with a more flexible working schedule can also help improve employee mental health, which is integral as we navigate this period of inflation and uncertainty. Interested in learning more about implementing a hybrid work model? Here are some work-from-home tips for the workforce.
Consider offering snacks and meals in the office
With inflation, the steady increase in food prices is another problem employees face. Offering snacks and meals in the office is a great way to help alleviate those issues. According to a survey done by ZeroCater, when looking at their overall employee benefits and office perks, more than a third of employees (38%) rank office food as one of their top three office perks, alongside vacation time and professional development. In addition, 61% of those employees say they save more than $20-$50 per week on office snacks and meals. Other benefits to offering snacks and meals in the office are a boost to employee morale, and in the camaraderie between employees. In addition, there is more opportunity to converse with each other, boosting overall engagement.
Inflation can have a significant impact on your team. It can even cause great employees to leave to find a higher-paying position if they worry about meeting their needs. Developing a strategy to address these concerns is the best way to help your employees through a potentially difficult time. It will also help build more trust between both parties.