Were you surprised by how quickly your routine necessities became much more expensive? If so, you’re not alone. Inflation this year has skyrocketed, and taken with it much of the buying power people otherwise possessed.
Couple that with the increasing layoffs taking place, and companies are wondering what they need to do to fight inflation and its impact while also improving employee productivity and engagement.
How can companies support employees during inflation?
The answers are closer than you think, and it begins with putting employees first.
As you put your employees at the heart of your engagement strategies, you can implement initiatives that truly have an impact.
The benefit? Great Place to Work researched data spanning nearly 15 years (2006-2021), and they discovered something interesting. Companies that sprang back the fastest after the Great Recession of 2007-2009 were the ones that focused on consistently delivering great experiences for their employees!
Inflation is just the beginning. And as the buying power of their customer base reduces, companies across the states are bracing for a recession. While layoffs are inevitable for many organizations, the key to surviving the battle actually lies in transforming engagement!
Here are 5 things you can do to support your employees during inflation:
- Offer flexibility
- Provide mental health support
- Assist with financial burdens
- Regularly review compensation
- Offer Purpose
Now, let’s deep dive further in detail about these aspects.
#1: Offer flexibility
As buying power decreases and money doesn’t go as far as you’d expect, it’s important to acknowledge the struggles many employees will face and help them battle the coming economic storm.
Offering flexibility when it comes to work simply helps them save money—especially when, as the pandemic has shown us, remote working is not only successful, but a regular feature of life in the “new normal.”
If working remotely and offering flexibility will help support your people, it’s worth it! And what’s more, you can begin by implementing ways to improve productivity and collaboration in remote workspaces to make this all the more effective.
#2: Provide mental health support
The last few years haven’t been easy on anyone. The constant economic uncertainty has affected the mental health of many people, even shining a spotlight on mental health wellness.
To ensure that the cycle doesn’t continue, consider better supporting their mental health.
Offer free consultations with trained professionals, implement mental health days, and ensure your people feel supported throughout so that they can continue giving the workplace their very best.
Employees that feel like they’re not alone are employees who are going to go the extra mile in the workplace, as well!
#3: Assist with financial burdens
With buying power rapidly reducing and appraisals not being equivalent to the rising rate of inflation, employees are struggling to maintain their lifestyle.
The easiest thing you can do to ease their burden? Offer financial support! Make it easier for your employees to make smart financial decisions with the right resources. By getting professional guidance to make the right investments and plan their financial future, employees will feel increasingly at ease when facing economic turmoil.
But that’s not all. Companies can also offer financial support in the form of rewards and benefits programs to help employees gain more financial strength, increased parental leave to reduce the burdens many employees may have, and more.
#4: Regularly review compensation
While it’s never a good idea to just throw money at the problem to make it go away, you can begin by reviewing compensation regularly.
Just being diligent and ensuring that no appraisals are delayed, and compensations pushed to later dates, organizations can ease the financial burden many employees have, making it easier for them to better plan their finances.
#5: Offer purpose
Who doesn’t love feeling good and positive? Who doesn’t love having a purpose?
In the post-pandemic world, we realized that a lot of people left their jobs because they didn’t feel fulfilled in them.
We realized that having a purpose and feeling like you’re truly adding value can truly improve employee engagement. So, as we struggle with keeping employees motivated, ensuring that your people feel like they’re truly contributing to your organization will ensure that they continue to feel valued and appreciated!
Understanding the cycle
You employees aren’t replaceable. They are the heart of your organization. They understand your business. Passionate employees are the ones who will not only tide your business through uncertain times, but also help it bounce back as the times change.
By keeping employees at the heart of every move an organization makes, you can implement benefits that truly resonate with their people, creating a culture of loyalty and cohesiveness. After all, people who feel like their company has their back are people who are going to stick around and be truly engaged!
Want to understand where you stand with employee engagement? SogoEX helps you understand what matters to your people, identify the key drivers that influence engagement, and assess just what needs to be done to transform your office culture!
Wondering where to start? We can help! Let’s schedule a quick connect and we’ll walk you through all our platform can do for you.