How smart employers are helping their staff cope with inflation

With inflation at its highest level in 40 years, helping staff adjust to ever-rising prices is a priority for progressive employers.

Obviously the best way to do this is to increase their salaries, which many have already done.

But wage increases can only go so far before they make the problem worse, which ultimately adds to inflationary pressures.

According to the Bureau of Labor Statistics, by the end of July the median weekly earnings of the nation's 118.9 million full-time workers had risen 5.2% from a year ago.

But the consumer price index rose 9.1%, the biggest 12-month increase since 1981.

That's quite a gap.

So what should a good cost-conscious employer do? A lot, in this case. Indeed, the right HR strategies can greatly help employees cope with the rising cost of living.

Exploring the BLS numbers shows price increases for some goods are higher than others, with food up 10.4% and energy up 41.6%.

Remove them and the inflation rate was 5.9%, barely above the rise in median incomes.

Work smart, work hybrid

So one way to help employees cope is to encourage working from home for those who can. Eliminating commuting saves gas.

On the other hand, other team members may prefer to come to the office rather than pay for air conditioning or heating at home. If employers also offer subsidized canteens - an increasingly valuable carrot - staff can save more money by coming to the office.

In short, flexible options help staff work in the way that works best for them, and within their budget.

Remote first

Some employers are operating remotely first, holding all meetings online for maximum inclusion.

This expands their talent pool, allowing them to attract more quality candidates, including those with mobility issues or family responsibilities. It also allows them to expand their network geographically.

This, in turn, gives employees the option of living in or relocating to places where housing and the general cost of living are cheaper, and very often the quality of life is also better.

> Benefits of work

Not all salary increases are salary related. By introducing bonuses for performance, creativity or efficiency, some employers help alleviate inflationary anxiety and boost morale, without breaking the bank.

Others offer employee discounts and rebates from non-competing companies, to give staff more opportunities to save money. From pet insurance to child care vouchers to deals on health and wellness products, every little bit counts.

Invest in people

Investing in education and training motivates staff and improves business performance, again without impacting salary levels. Some employers contribute to student debt, a measure that can really help those who are just starting out.

Many companies offer employee assistance programs. These provide a range of completely confidential supports, including mental health and financial planning programs, both of which can be helpful in today's anxiety-provoking inflationary environment.

Employers know that money isn't everything for employees. Growth opportunities are also important for workers. Good employers develop clear paths to progression, and the training and development materials people need to build successful careers.

While they can't be generous with money, employers can be generous with time off. On average, American workers receive only 10 days of paid vacation after one year of service, and only 20 days after 20 years.

In Europe, even the most beginners get 20 days of paid annual leave, plus public holidays. Smart employers realize that a surefire way to keep staff happy and reduce wage inflation is to give more time off and encourage people to take it.

If you're looking for an employer who offers anti-inflation benefits, we've got three below, and you can also check out the Job Board for plenty more.

UI Engineer, Crowdstrike

In this remote position, you will develop software to stop breaches and protect organizations. The company operates remotely first, so you can be part of a globally distributed workforce for an employer that stands out as a great place to work. It offers flexible working arrangements and plenty of opportunities to learn new skills in a trusting environment...