In pursuit of better pay: Support your employees and make them stay with this added-value benefit
According to the Philippines Statistics Authority, inflation continues to soar in the country, with a recorded growth of 6.9% in September 2022. This could mean inconvenience, especially for an employee whose living expenses eat most of their monthly income.
Inflation depletes the purchasing power of your employee’s salaries, making them feel as if they are not earning enough. This could lead your employees to look for an increase in their salaries to either match or exceed the rate of these price hikes.
More than the financial implication, the rising cost of living also builds pressure on your employees’ mental health. Simply put, if your employees are financially stressed, they are prone to be more distracted at work. When their minds are preoccupied, it results to lower productivity levels.
A survey conducted by an HR firm, Sprout Solutions, shows that employers should prioritize improving employee benefits and compensation as these are key deciding factors for employees to stay.
While offering higher salaries might not be the best option, there are practical ways to alleviate some of these financial burdens and provide employee support, such as
- Allowing work-from-home options to save on gas or reduce commuting costs
- Providing remote work allowances (i.e. internet subsidy, rice subsidy, etc.)
- Surprising them with free lunches, free memberships, or employee discounts
- Integrating financial and mental health into your employee wellness program
Elevate your employees’ well-being with SAVii!
As an employer, you have an integral part in easing the impacts of inflation among your employees. And now is the time to consider offering your employees access to sustainable and reliable financial solutions to bridge their short-term and long-term needs.
Providers like SAVii offer a suite of 360-degree employee wellness products comprising salary loans, salary advances, free medical insurance, financial education programs, and mental health webinars to give your employees a multitude of resources and assistance.
As an employer-led platform, we aim to help boost your workforce’s efficiency, productivity, and loyalty, all while being in control of their budgets. As an added perk, partnering with us bears no costs and liabilities to you or your business.
Learn more about how we can help empower your employees by clicking the button below.