In October 2022, the inflation rate was 7.7%. While this is the fourth month that it slowed down, many employees are still feeling the effects of economic inflation. As an employer, there are several ways that you can support employees.
Look At Other Options
One thing that you might want to try is shopping around for different healthcare options. You might currently be offering a pricier healthcare option, but there could be a cheaper one out there. Remember that you want to focus on both how expensive it is for your company and the premiums that your employees will have to pay.
You also want to make sure that they have a good network of healthcare providers so that you’re not sacrificing quality.
Meet Employees In the Middle
One of the best things you can do for your business and your employees is to meet them in the middle. You might already be offering benefits to help employees manage their budgets. You could help to implement well-being programs and initiatives that can help your employees stay healthy without needing to go to the doctor.
For example, offer free health screenings or other preventative health benefits. When employees take advantage of this, they could reduce the risk of having a more serious issue later on, which would cost them more money for additional treatment.
You could also try implementing a fitness program that encourages employees to stay active and reduce the risks of serious medical complications.
Look At Other Financial Incentives
If you can’t increase their salaries to help combat inflation, you might be able to provide other means of compensation. Remember, as a business you need to have your own financial security so that you can provide employee support in the long run during tough economic times.
If you can’t increase their base pay, you might want to consider offering performance bonuses. This can help improve employee productivity and quality of work, but it can also be a great way to help your employees get some extra cash to pay for their medical-related expenses.
If you’re struggling to retain talent, you could also consider offering retention bonuses. This can help employees during a transition period and convince them to stay with the company.
You could also offer spot bonuses. These bonuses can be a nice surprise for employees and can act as recognition for the outstanding contributions of certain employees or teams.
Discover More About How to Support Employees and Minimize the Impact of Inflation
These are only a few things you can do to help support employees, but there are many other strategies to try.
We know that running a business while also satisfying your employees can be very stressful, but we’re here to help you out. If you’re interested in getting help with your employee benefits, check out our website!