How to Inflation-Proof Employee Satisfaction

We are currently living through what historians have called the ‘polycrisis’; the interaction of multiple crises at the same time. Globally, we are living through inflation which is reducing the purchasing power of many; climate change which is leading to a food shortage and higher costs for current supply; war and insecurity in many regions; as well as, supply chain disruptions as a result of global political unrest and the impact of COVID 19. 

These crises are making people very uncertain and worried about their future. These people include your employees who live through these struggles, causing fear and panic ultimately affecting their mental health and quality of work. 

And so, how do you alleviate some of these burdens they face so as to increase employee satisfaction, reduce their stress levels, and increase retention and productivity?

1. Salary Increase – the most obvious solution for increasing employee satisfaction is to raise their wages as inflation increases so as to provide a living wage. 
2. Welfare – provide a monthly welfare allowance to employees to subsidize their transportation and food expenses. 
3. One-Time Payment – provide a one-time ‘hardship’ payment similar to a bonus to employees. 
4. Hybrid Work Environment – provide the option for employees to work from home a couple of days a week so they save on transportation costs.
5. Staff Carpool – provide shuttle buses for employees, this allows them to save on transportation costs and the stress of commuting.
6. Office Lunch & Snacks – provide free lunch and snacks for employees.
7. Interest-Free Loans – give employees the opportunity to request for loans from the organization at a zero interest rate. 

Some of these tips are more feasible than the others depending on the size of the organization and its cash flow. Bottomline, it is important to show employees that you are all in ‘it’ together and your organization understands and empathizes with the situation. 

References

https://www.weforum.org/agenda/2023/03/polycrisis-adam-tooze-historian-explains/

https://www.weforum.org/agenda/2023/01/davos23-the-global-economy-is-under-pressure-but-how-bad-is-it-two-experts-share-insights/#:~:text=The%20global%20economy%20is%20under%20pressure%20from%20multiple%20complex%20and,have%20called%20a%20%22polycrisis.%22

https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/us-consumers-send-mixed-signals-in-an-uncertain-economy

https://research.streetbees.com/the-four-facets-2023-report