Making ends meet during times of inflation can be extremely difficult. With the added pressures of higher gas prices and higher grocery bills, many people find themselves living paycheck to paycheck, struggling to get by. As a business owner, you want your employees to show up daily and produce their best. But if their minds are elsewhere, that distraction can lead to less than superb work results, altogether affecting the efficiency of your business. You’re all part of one big team, so doing all you can to support this team is critical. Consider using one of the following suggestions, which your employees will surely find helpful.
1.) One-time bonus
While your budget may not allow for employee pay raises during this time, a one-time bonus based on the cost of living is a great way to help alleviate some of the financial hardships of your employees. Offering your employees a bonus is a simple way of helping out. Yet, it isn’t as permanent as a salary increase.
2.) Student loan relief
One in every 5 Americans have student loans they’re paying off. If you can offer monthly contributions to help lower their debt, that will help decrease some stress. This is also an excellent way to retain employees. By receiving help in paying down their student loans, they may be more likely to stick around longer.
3.) Help with daily expenses
Provide gift cards to help with things such as gas or groceries. Make it a significant amount, in any case. While receiving a $25 gift card is nice, it doesn’t have the same impact as a gift card worth a few hundred dollars. You can also seek out offers for employee discounts for things such as childcare or gym memberships.
4.) Flexible work arrangements
Flexible schedules can make a significant difference in your employees’ lives. Whether this is done by working remotely or having relaxed start and end times during the week, allowing flexibility for your employees can take away some major strains involved in long commutes or the expense of child care.
5.) Financial coaching
We all could use a little coaching when it comes to money. And what better time than during inflation to allow an opportunity for your employees to get their finances back on track? Financial planners can offer their expertise in many categories. You name it, from assisting with monthly budgets and paying down bills to retirement planning.
Inflation can hit hard, causing significant stressors for anyone. By implementing even one of these ideas above, you will help alleviate some of that stress. And the result is a happier work environment, better efficiency in work performance, and some very grateful work employees!
Content Writer and Researcher