Addressing Inflation Concerns in the Workplace

“Do you know what other employers are doing to help out employees with inflation?” This is a question our consulting team gets asked quite often and rather than speculating, we asked YOU.

Cascade recently conducted its Quarterly HR Trends Survey in which we asked participants what they’re doing about inflation for their employees. The results?

Here are a few highlights:

• 64% have given or are planning salary increases
• 35% are allowing hybrid or remote work
• 25% are giving additional bonuses

Participants also shared some of the other ways they are helping their employees:

• Offering additional time off (bonus days off, additional holidays)
• Allowing employees to use company vehicles, instead of personal vehicles
• Offering food and gas gift cards
• Moving to a 4-day workweek
• Childcare subsidies
• Offering telehealth options

Many employers are also examining other areas where increased costs are impacting employees such as healthcare. For example, some employers are holding off on increasing employee premiums and absorbing those increases for now. Our partners at CSNW Benefits offer a new and innovative plan that allows employees access to healthcare without co-pays or deductibles. Employers benefit from reduced rates and set premiums with no unexpected month-to-month variances. Other organizations are increasing their retirement plan contributions as employees are decreasing their own contributions to allow for more money for even basic items such as food. Food costs alone have increased nearly 9% in the last year. That’s a lot of money out of your employees’ pockets.

For the organizations that are being proactive to recognize and take steps to address the burden inflation has on employees, keep it up. You’re showing that you care and are invested in your employees’ success, both at work and home. If your organization is not taking steps to address inflation, watch out. Your employees are feeling the stress of inflation and just might be looking at other organizations for work.

Cascade is continuing to monitor this issue and will keep you updated with new trends and data.