Planning for 2023: Tips for Employers During Inflation
Inflation rates are expected to continue into the new year. Inflation can force employees to leave your business for higher pay and better benefits elsewhere. It can also increase stress, causing productivity to plummet. It’s important your business stays competitive in consumer sales but also in staffing. We’ve compiled some tips for employers during inflation.
Retaining Staff and Remaining a Competitive Employer
As an employer, it’s important for you to remain a desirable place to work for your employees. Inflation can cause your employees to become low on cash, leading them to look for other or better streams of income. A few ways to stay competitive compared to other employers are:
- Increasing your company contributions to retirement.
- Offering financial incentives.
- Engaging priority employees.
Adding to your employees’ retirement funds is a solid perk: It’s also a bonus if you can offer them financial planning assistance. Allowing them to meet with an advisor can help them identify goals for the future and help solidify the “why” they’re invested in their job with your company and what they’re saving for.
Offering competitive pay is guaranteed to attract talent. By comparing your pay rates to your competitors’, you will be able to budget for pay adjustments for the year. At PeopleFirst Staffing, our rate comparison tool helps us give you an overview of pay rates for your open roles. If your business can’t afford permanent pay increases, offering incentives like performance bonuses, retention bonuses and sign-on bonuses will increase your desirability as an employer significantly. This will also encourage your employees to maintain strong performance in the midst of economic distractions.
Brainstorm with your leadership team to come up with benchmarks that could be used as the basis for performance bonuses. Make sure the goal numbers are realistic and achievable to keep your team “winning” and engaged.
Identify the mission-critical employees and start a discussion with them to find out what they like about the company, what can be improved and if they have any concerns about their employment during inflation. Be sure to act on any important takeaways from these meetings. Employees want to know their concerns have been heard: Changes made because of this important feedback could help build employee loyalty.
Other Tips for Employers During Inflation
It’s vital to stay productive and keep revenue up. Don’t waste time and resources looking for employees. Outsourcing your staffing needs to a staffing agency like PeopleFirst Staffing will free you and your business up to keep revenue flowing.
Through our employee incentive program, PeopleFirst Staffing helps employees see work not as a chore, but a means to a better life. We’ll hand-pick the best candidates for the positions you need to have filled. Book an appointment with us to discuss your staffing goals.
Free Staffing Guide: "How to Choose the Best Staffing Agency for Your Business in 4 Simple Steps”
Our fun and action-oriented guide can help you put the steps in order to hire the best staffing agency for you including:
- Tips for clearly defining your needs
- Ways to narrow down your choices
- The right questions to ask when interviewing agencies
- Understanding staffing agency pricing and fee structures
- Choosing the best firm for you