How smart employers are helping staff cope with inflation
With inflation at its highest level in 40 years, helping staff adjust to ever-higher prices is a priority for progressive employers.
Obviously, the best way to do this is to increase their salaries, which many have already done.
But wage increases can go no further before they make the problem worse, ultimately adding to inflationary pressures.
According to the Bureau of Labor Statistics, at the end of July, the median weekly earnings of the nation’s 118.9 million full-time workers were up 5.2% from a year ago.
But the consumer price index rose 9.1%, the biggest 12-month increase since 1981.
That’s quite the gap.
So what should a good cost-conscious employer do? A lot, in this case. Indeed, the right HR strategies can greatly help employees cope with the rising cost of living.
Analysis of the BLS figures shows that price increases for some goods are higher than others, with food up 10.4% and energy up 41.6%.
Take them out and the inflation rate was 5.9%, barely above the rise in median incomes.
So one way to help employees cope is to encourage working from home for those who can. Erasing the ride saves gas.
On the other hand, other team members might prefer to come to the office rather than pay for air conditioning or heating at home. If employers also offer subsidized canteens – an increasingly valuable carrot – staff can save more money by coming to the office.
In short, flexible options help staff work in the way that best suits them and their budget.
Some employers are operating remotely first, holding all meetings online for maximum inclusion.
This expands their talent pool, allowing them to attract more quality candidates, including those with mobility issues or family responsibilities. It also allows them to expand their network geographically.
This, in turn, gives employees the opportunity to live – or move – to places where housing and the general cost of living are cheaper, and very often the quality of life is also better.
Not all salary increases are salary related. By introducing bonuses for performance, creativity or efficiency, some employers help calm inflationary anxiety and boost morale, without breaking the bank.
Others offer employee discounts and rebates from non-competing companies, to give staff more opportunities to save money. From pet insurance to child care vouchers to deals on health and wellness products, every little bit counts.
Investing in education and training motivates staff and improves business performance, again without impacting salary levels. Some employers contribute to student debt, a measure that can really help those who are just starting out.
Many companies have employee assistance programs. These provide a range of completely confidential supports, including mental health and financial planning programs, both of which can be helpful in today’s anxiety-provoking inflationary environment.
Employers know that money isn’t everything for employees. Growth opportunities are also important for workers. Good employers develop clear progression paths, and the training and development supports people need to build successful careers.
If they can’t be generous with money, employers can be generous with time off. On average, American workers only receive 10 days of paid vacation after one year of service, dropping to just 20 days after 20 years.
In Europe, even the most junior beginner gets 20 days of paid annual leave, plus public holidays. Smart employers realize that a surefire way to keep staff happy and reduce wage inflation is to give more time off and encourage people to take it.
If you’re looking for an employer that offers anti-inflation benefits, we’ve got three below, and you can also check out the Job Board for plenty more.
In this remote position, you will build software to stop breaches and protect organizations. The company operates remotely first, so you can be part of a globally distributed workforce for an employer that stands out as a great place to work. It offers flexible working arrangements and plenty of opportunities to learn new skills in a trusting environment where team members are allowed to manage their time, take vacations as needed, and are rewarded with salaries and competitive equity. Read the full job description.
Aerospace and defense technology company Northrop Grumman offers formalized pathways, development courses and personalized guidance to help you build your career. It also scores highly on work-life balance, with many sites offering alternate Fridays. He is currently seeking a Transformational Manufacturing Architect in Virginia or remotely. The company offers a variety of benefits, including health insurance coverage, life and disability insurance, a savings plan, company-paid time off, and paid time off (PTO) for vacation and/or personal affairs. Learn more here.
Senior Product Manager — GoDaddy Payments International Expansion, GoDaddy
At web host GoDaddy, some teams work in the office full-time, some work on a hybrid basis, and others work entirely remotely. This is a remote position, so you will be working from home. It is a company that offers a wide range of benefits including 401k, stock grants and parental leave. Secondary agitations are encouraged and there are supports for mental and physical health as well as for your financial well-being. See the complete specifications.
If you’re looking for a company to help you better deal with inflation, find plenty of open positions from great employers on the VentureBeat job board.
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