Inflation is here and has been here on the forefront of America’s minds for months.
To set the stage, inflation is the rate of increase in prices over a given period of time. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country.
According to the report from the Bureau of Labor Statistics, the annual inflation rate in May was 8.6%, its highest level since 1981, as measured by the consumer price index.
Now, as the U.S. is working to get out of a pandemic-induced recession, employers have choices on what they can offer employees to help keep them
- Engaged at work
- Worrying less about money and finances
- Employed and retained
- Productive all around
What does inflation impact the most?
Frustrating price increases…
Rising prices can impact all sorts of consumers’ cost of living.
- Housing expenses (rent/mortgages)
- Food (restaurants/grocery stores)
- Oil and gas
- Others, including:
- Cleaning services
- Medical bills
Many of these become majorly impacted by the supply and demand of products and services as everything is interconnected. As an example, your fruit may come from Mexico which needs to be packed and shipped to the U.S., which takes labor, oil and gas, and time. Everything weaves together which can negatively impact other costs.
How benefits can help
Employee benefits can especially be an important tool when it comes to rising prices.
Naturally, you aren’t able to increase your employee’s minimum wage or salary by the same increase of inflation. It’s not feasible for your bottom line.
However, you can provide no-cost benefits which help employees with their finances.
A Financial Wellness Platform is the easiest, simplest way to provide financial options for your employees. Look for a Financial Wellness Platform the following solutions:
- No Credit Check Advance – small-dollar loans that do not require a credit check
- Personal Loans – large-dollar loans that require a credit check (options are always good to have)
- Online Banking
- Credit Counseling Sessions
- Emergency Savings
- Rewards Program
- Debt Management
- Discounted Prescriptions
Not all financial wellness programs are created equal so make sure you do your research to find the program that will provide the most good for your employees.
TrueConnect’s Financial Wellness Platform is a no cost program that takes little effort to implement and manage. Want to learn more about TrueConnect’s Financial Wellness Platform? Click here.