A recent post in The Owl, ATB Financial’s Economics and Research team’s daily economic update, reviewed current inflation rates and highlighted that wages in Alberta are not keeping up.
Inflation is going up. That means the cost of living is making it harder and harder for people to get by. And, when the economy is down, wage increases and bonuses go out the window.
As the article reads, ‘inflation erodes the purchasing power of the dollars we earn’. Consumers simply do not have the same access to disposable income as in previous years, and it may be hard to meet the financial obligations of life. A stressful side effect for an employee, who is distracted by concerns about money, may be that they are less engaged and less productive on the job.
Rising prices and lower wages creates natural worry and stress for workers, so finding ways to help alleviate these requires creativity and lots of communication. It makes it worth it for the improved happiness of your workforce and long-term loyalty.
Here are a few ideas that will help to address these stressful side effects:
1. Share the Wins.
Whether it’s a new or renewing client, a successful bid or an improved process, when an employee knows that there is good news happening, there is a sense of hope and confidence that things will improve.
2. Communicate Frequently.
Update employees on the company’s plans for recovery and growth. With a sense of direction, comes purpose for the employees in an organization.
3. Bring in Guest Speakers.
Topics could be on financial planning, exercise, nutrition and so much more. Group learning can create a great sense of team.
4. Show Appreciation.
There are many affordable and unique ways to show gratitude for the hard work of team members – gift cards, thank you cards, a lunch, employee discount programs and more.
We all hope, at some point down the road, to see an increase in wages to keep up with inflation. In the meantime, these forward-thinking suggestions will help you and your team.