Everybody is feeling the effects of inflation. But the current economic state is most likely putting a heavy burden on your employees’ shoulders, especially if rising costs are impacting their financial stability and overall well-being.
As an HR professional, you’re in a unique position to provide support and reassurance during these challenging times. On that note, here are some effective strategies to help your team navigate the pressures of inflation and maintain a positive, productive workplace:
Draw Attention to Employee Assistance Programs
You never know what your fellow workers might be going through in their personal lives, but that doesn’t mean you can’t work to support them regardless. One of the most immediate ways to help your staff is by promoting your employee assistance programs (EAPs).
EAPs provide resources to your team members to help them manage their personal and professional lives more effectively. Something like financial counseling, for instance, can help them budget better and plan for the future, while mental health services offer a safe space to vent and navigate feelings of anxiety.
If you don’t have an EAP set up, consider implementing one. But keep in mind that simply having employee assistance offerings in place is not enough. Periodically remind your workers that these programs are here for them and make it easy to access the benefits you provide.
Be Open and Honest About the State of the Business
Employees who are struggling financially may assume that the business is in a fiscal bind as well. They may even fear layoffs and other cost-cutting measures. It’s important to be open and transparent about the state of the company. Open conversations build trust and can reduce the anxiety that comes from uncertainty. And when employees feel informed and included, they are more likely to stay engaged and motivated.
Schedule regular “State of the Company” addresses where you discuss the business’s financial health and future plans. If you think changes might be coming down the pipeline, it’s vital that you share what you can when you can. Workers have a right to know where they stand and if they have job stability.
Look for Voluntary Perks That Add Value Without Heavy Costs
Not all employee benefits are costly to implement and administer, but there are still plenty of creative ways to make your team feel valued without busting your budget. Voluntary perks, like discounted gym memberships and access to wellness programs, show workers that you care about their overall quality of life and well-being without requiring a substantial financial investment from the company. They show that you are looking out for their best interests, which may boost morale and loyalty.
These perks may also help your employees deal with personal budget cuts. For example, let’s say that many of your workers are canceling their gym memberships due to financial constraints. Offering a discounted membership plan with a local fitness center could help your team keep up with their exercise routine and maintain an outlet for alleviating stress.
Retain Top Talent With Competitive Employee Compensation
Retention becomes all the more critical during inflationary periods. Your top talent is your greatest asset, and you must be able to ensure they feel valued and adequately compensated.
Competitive pay and benefits are key to retaining talent. If your workers feel that they are being paid fairly, they are less likely to seek opportunities elsewhere. As such, regularly review and adjust salaries to ensure they remain competitive. You don’t have to pay more than all of your competitors, but your compensation scale should be relatively similar.
Ready to Rethink Your Employee Compensation Package?
The right mix of employee benefits can help you retain workers and ease inflationary woes. The question is, do you have a competitive employee compensation package? If you aren’t sure, Benefits Advisory Group can help.
As a leading employee benefits broker, we provide strategic insights to help you rethink your compensation offering. We also offer bespoke management services to simplify the process of modifying and delivering worker perks. Connect with our team today to learn more.