After more than two years of extreme uncertainty, workers—who may have returned to the workforce reluctantly—now face diminishing returns due to high inflation.
Generally, steady inflation means the economy is growing and the population is doing well. However, the highest inflation rates since 1981 indicate the buying power of your employees’ paychecks is shrinking, and there’s every sign that the worrisome trend will continue.
It doesn’t seem fair.
Employers are also in a tough spot as employees look to them for answers—or they look to greener employment pastures in the hope of a higher wage.
How can employers support—and retain—employees during these challenging economic times? Here are 5 ideas for how you can boost employee morale higher than the inflation rate:
Provide needed supplies. Covid-related supply chain issues continue to be a problem. The conflicts in Europe have only worsened the global supply chain system. These disruptions create frustration for employers and employees alike as the tools and supplies they need to do their jobs aren’t available. Consider exploring your organization’s entire supply chain to identify potential disruptions. Then develop alternate supply sources or order extra inventory to spare your employees the frustration of being asked to do tasks without the supplies and tools they need.
Do pulse-checks. Check-in with your employees to learn where they might be struggling. It’s wise to become aware of problems before they develop—especially when there’s a chance employees might be thinking about switching jobs. Many employers have become more flexible in accommodating employees’ needs for flexibility, personal time, and work-from-home options and discovered an increase in productivity.
Raise pay more frequently. To help counteract rising consumer prices, some employers are evaluating pay raises on a more frequent basis. This helps their employees adjust to rising consumer prices. If raising salaries isn’t an option, a one-time bonus payment can show employees you’re aware of their difficulties and want to help.
Expand benefits. A survey by the financial advisory company Betterment found that 65 percent of workers would consider leaving their current position for a role that offered a better 401(k) plan. Helping employees plan for the future can help them feel valued and secure. Similarly, covering a larger portion of health care costs in an employee plan can also improve morale while providing financial help.
Get proactive about staffing. The ongoing talent crisis significantly impacts employee morale as employees are forced to cover gaps and fill in the holes left by employees who have resigned. Burnout and overwork are increasing concerns. Stay ahead of staffing gaps by developing a proactive plan for optimal staffing. Ideas include improving employer branding, tapping passive talent, creating a referral program, and partnering with your local staffing agency.
If you need staff coverage, PrideStaff is here to help.
We employ a full complement of recruitment strategies to attract top talent, even for tough-to-fill roles. Let’s talk about how we can help you boost morale and productivity today. Contact your local PrideStaff office to learn more.