Fears of a global recession deepen every month of 2022, with countries reporting increasingly high inflation rates that don't seem to slow down. Consequently, businesses are starting to consider new measures through which they can support their employees during this time.
One of the main direct outcomes of rising inflation is the devaluation of currencies and soaring prices of the most essential products and services, starting from fuel products, to rent and food.
Facing inflation as it continues to rise, governments take different measures to minimize the damage felt by average citizens who could feel its harsh consequences.
Source: Charlie Bilello (June 2022)
Businesses, as well, try to examine new initiatives to support their employees, as the value of their salaries starts to feel the negative impacts of the economic crisis.
Last May, tech unicorn Microsoft announced doubling its budget for salaries and boosting stock rewards by at least 25%, to better support its employees during the inflation crisis.
Besides raising wages to make up for inflation, companies that wish to support their employees can consider one or more of the following suggestions;
8 Things Businesses Can Do to Support Employees Amid Inflation
1- Businesses that can provide employees with hybrid or remote work options can inform their employees of this option, so it helps them save the money they put into transportation.
2- Businesses that can not provide a remote work option are encouraged to reduce working days to 4 days a week instead of 5, as long as their teams can maintain the same productivity rates, so employees spend less on transportation, attire, and lunch at work.
3- Businesses that can not opt for remote work can offer employees gas or transportation support packages to help employees minimize their spending on daily commutes to work.
4- To support employees during inflation, some businesses are already helping their employees pay off their student or housing debts, so they feel less stressed about their routine payments.
5- Helping employees survive inflation, companies can offer budgeting coaching to their employees, so they have a deeper insight into managing their finances amid changing circumstances.
6- Boosting collaboration deals with local transportation providers or restaurants to guarantee employees special discounts on daily needs.
7- Re-plan annual raises and bonuses so it gives more priority to less-paid employees, to support them as they secure their basic needs.
8- To beat soaring transportation costs, companies can offer employees special loans to purchase electric or hybrid vehicles.
