What To Do About Inflation: Let’s Take a Good Look at Your Employee “Balance Sheet”

an image of a pile of money blowing upward to represent employee costWe often think that people “cost” us money. For example, in healthcare, staffing is 70%+/- of the operating budget. Particularly when we add the business worry about rising inflation (as the Conference Board of Canada recently announced, inflation is slowing however it will be a long way back to only 2% inflation.)

No matter the economic climate in Canada, the US and globally, thinking about employees as a “cost” and barrier to profits is a race to the engagement bottom.

You only get the basics if you’re only engaged in a transactional exchange (you work 40 hours, and I pay you $).

You purchase time and expertise; the “bonus” of innovation, quality mindset, customer delight behaviours, safety-first practices, and going the extra mile thrives when people are not treated like expenses on a balance sheet. Sure, you can expect more; however, the depth of engagement that gives you the most efficient, safest and satisfying place for employees and customers alike requires us to be VERY careful about thinking of people as a cost versus an asset.

Employees and leaders work to prove you right when you truly value and recognize them as capable, connected, qualified, and competent.

image of stacks of coins getting increasingly taller with trees on top of each stack in increasing sizes Rather than thinking of people as a cost, a burden, a disappointment, or a conundrum, why not think of people as an investment in the safest, most satisfying, highest service, and most retention-rich organization that people flock to? And why not believe that people are the most potent strategy to face inflation and whatever is thrown next at your organization?

Want to put plans in place now to manage inflation? Want to keep great people in a talent shortage? Want to combat quiet quitting? Value your most significant “expense” as an investment you’ll work hard to grow, partner with, and appreciate.

People want to do great work. The more you value them, the more they will have the energy, focus, and ability to do it.

Where are staffing costs in your mental “balance sheet”?

Here are more ideas for excellence in employee retention:

 

“There is more hunger for love and appreciation in this world than for bread.”

– Mother Teresa

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