Through the uncertainties of the pandemic and now record inflation, people have looked to their employers for additional support. As the power of take-home pay lessens, giving employees a raise is an obvious solution. But it’s far from enough.
Equally important is building your workplace community on a foundation of flexibility and trust. In a market where only one-half a person is available for every open job, it’s critical that you successfully compete for top talent and keep the employees you have. Given that inflation is our current reality and there likely won’t be a surplus of employees over the next three- to-five years, the best way to manage uncertainty is to become a simply irresistible place to work.
Challenging times are an opportunity to think expansively and creatively to build a stronger, more resilient community that will see you through today and sustain you in the better times sure to come. A positive culture helps attract and retain the right people and prevents them from becoming distracted, stressed, and unable to be fully productive. So, aside from raises, what more can you do to help your employees stay afloat? How can you show your concern for both the financial and personal wellbeing of your people? There are numerous options, all of which contribute to a more flexible, trusting culture and positive employee experience.
The most direct way to help employees manage financially is increases in wages or bonuses. However, for many companies that’s simply not in the budget. Although raises are a top priority for many people, Glassdoor found in a mid-2021 survey that 80 percent of employees prefer additional benefits over a pay increase, and competitive benefits packages can significantly improve recruitment and retention. Following are ways to show employees you understand their current financial hardships and want to help. The return you’ll make on recruiting and retention will outweigh the costs.
Become the Irresistible Choice
Inflation is a shared challenge and beating it can become a shared purpose. It’s up to employers to open up communication so employees understand how it’s specifically affecting your business. Higher costs? Supply shortages or disruptions? Staffing issues? All of the above, or other issues? Employers must also seek to understand how inflation is affecting employees’ personal lives and communicate what they’re doing to help. Mutual understanding builds trust and allows for empathy and flexibility—critical characteristics of irresistible workplaces.
Employees watched closely how employers took care of their people during the pandemic. They’re watching just as closely how they help with inflation. Those that build a strong and caring community win the people they need and increase the loyalty of the people they have.
Here’s what makes you irresistible:
Magic happens with mutual purpose. Beating inflation can only be accomplished when we create a little magic together. Practice being generous, flexible, and trusting to see uncertainty transform into opportunity.