4 reasons leaders are calling it quits on retirement and why that’s a good thing

Many of us work very hard with the idea that someday we will retire and enjoy the rest of our lives traveling and taking care of ourselves. The truth is that for a lot of people nowadays are shifting their focus towards working even more, as a way to take better care of their families and fulfill their needs. In fact, more than 1.5 million retirees got back to the job market over the past year alone. Why is that? Let’s find out.

Work gives a sense of purpose

Many managers that retired chose to come back because work gives them a sense of purpose. They have the life balance they want, be productive, and help other people if possible. They want to make an impact, and hiring others, improving the company culture are things they can help with. In addition, they can also bring their perspective and expertise to deliver fresh, amazing results.

Experienced professionals are in high demand

The Great Resignation took place during the pandemic and at that time more than 4 million people quit their jobs. However, that also meant people with a lot of experience were and still are in very high demand. A CEO or manager with lots of experience are sought after, and they are receiving a much better paycheck than before. Which is why some leaders are contemplating with the idea of coming back to work.

The opportunity to learn new things

There are lots of leaders that thrive from learning and adapting, so retirement doesn’t really fit them. Instead, they choose to come back in order to enhance their knowledge and focus on learning new things. Not only that, but they also get to use their experience as a way to help others, which is extremely important.

Offering a different perspective

Companies appreciate and even rely on the experience of older professionals. They have a lot of expertise, knowledge, and ideas that many other people do not. That is why it’s extremely important to bring back retired professionals. In fact, many of them just do not think about retiring and continue to work over and over. It helps immensely because you still feel that there is so much more you can offer, regardless of your age. And that alone encourages professionals to not retire, and instead they continue working in the long run.

Conclusion

As you can see, many different managers and people in leadership positions do not want to retire anymore. They want to continue working, sharing their knowledge and providing a different perspective. Many of them thrive from learning and adapting to the market and dealing with challenges, so the idea of continuing their work and not retiring is very appealing to that. Which is why there is a shift in the company culture these days, with lots of people not focusing on retirement anymore. It goes to show that the society is indeed changing and many people will certainly continue to work well past their retirement date!

We would love to hear your comments. Please contact us today!

Gary Brunson
gary@myclearfocus.com

Debra Rider
debra@myclearfocus.com

574.361.2674

Sustainable Growth & Profit Consultant, Coach, Mentor and Counselor/Therapist for Business Owners and Professionals.

All articles, quotes, and material in this newsletter are copyrighted by our associate Gary Sorrell, Sorrell Associates, LLC ©. No part can be reproduced in any form without specific written consent. All rights reserved worldwide. Thank you!

The Psychology of Quiet Quitting!

For a lot of people, the company culture and intense work schedules can have a negative impact not only on their health, but wellbeing as a whole. In fact, many employees are worried about their mental health these days. That is the reason why more and more people are embracing the concept of quiet quitting. But what is this, and should you consider it? Let’s find out.

What is quiet quitting?

Quiet quitting is a prevalent concept these days, especially considering the Great Resignation. The idea behind this concept is that employees stop going above and beyond for their employers. Instead, they just do the bare minimum required by their job. The reason why quiet quitting has become very popular is due to employees dealing with major mental health issues.

Is quiet quitting the right approach?

The alternative to quiet quitting would be to find a good work/life balance. The problem is that more often than not, this type of balance is very difficult to find. In fact, there is an overwhelming amount of work and employees need to work from home after hours just to fulfill everything.

The lockdowns caused by the pandemic blurred the lines between work and personal life even further than ever before. So while having a good work/life balance is the ideal option, that is close to impossible to achieve these days, and quiet quitting seems like the right thing to do.

What can you do to re-embrace your job and become more productive?

A good idea is to shift from quiet quitting to a proper plan. That means thinking about the job design and then trying to find some boundary management strategies. Having a set schedule for all your work and sticking to it is very important. In some cases, it might even be a good idea to quit if the job itself doesn’t align with your values and beliefs. What you want to do is to consider your relationships, find support in your loved ones, and re-adjust your workflow and life to avoid working outside the regular work hours.

Sure, the quiet quitting concept might sound great for some people, but it is not what will help you grow your career. It will just keep it stale, and that becomes a problem. Instead, you want to establish a plan and stick to it in the long run. Once you do that, you will be much happier, and you will find ways to boost your productivity. So, try to step away from quiet quitting and focus on a plan to help you advance in your career and fulfill the goals both personally and professionally.

We would love to hear your comments. Please contact us today!

Gary Brunson
gary@myclearfocus.com

Debra Rider
debra@myclearfocus.com

574.361.2674

Sustainable Growth & Profit Consultant, Coach, Mentor and Counselor/Therapist for Business Owners and Professionals.

All articles, quotes, and material in this newsletter are copyrighted by our associate Gary Sorrell, Sorrell Associates, LLC ©. No part can be reproduced in any form without specific written consent. All rights reserved worldwide. Thank you!

Methods you can use to show recognition to your team

If you want your business to grow and evolve, then you have to ensure that your team is happy and motivated. Making sure you recognize your team’s efforts can go a long way, and it’s one of those things that can make a huge difference.

Offer them a raise

A raise is one of the best ways to show appreciation, and it can make a huge difference. It shows that yes, the efforts are recognized, and the team gets a bonus that will indeed motivate them to work just as hard in the future.

Provide free lunch

It’s also a good idea to offer free food periodically. This shows appreciation and respect, plus it helps your team save some money. In the end, it’s well worth it and you will find that it conveys a much better outcome than expected.

Show off your team on socials

This is a great way to be grateful, it shows a lot of appreciation, and it also brings in a great sense of pride from you. Plus, it motivates your team too, which is something you need to keep in mind.

Fitness opportunities

Another way to recognize your team’s efforts is to offer them gym memberships. Making sure that your team is healthy and happy is important, and this is one of the best things to take into consideration.

Listen to their ideas and feedback

Your team is always coming up with a variety of ideas, so it’s important to listen to them and their feedback. It’s one of those great things that can make a huge difference, and you will be amazed at the process in the long run.

Offer gift cards

Another good idea is to offer gift cards as a way to appreciate your team’s efforts. This way they can treat themselves to something special without an out-of-pocket expense and it reminds them of how appreciated they are. It’s worth the effort, and in the end, that’s one of the best things to think about when recognizing any team effort.

We recommend using these tips and ideas if you want to show recognition to your team. It’s important to do that, and appreciating their efforts is always going to work very well. Of course, some challenges can arise, but at the end of the day, you always want to appreciate the hard work delivered by your team!

How do you recognize your team? We would love to hear what is and is not working for you. Contact us today!

We would love to hear your comments. Please contact us today!

Gary Brunson
gary@myclearfocus.com

Debra Rider
debra@myclearfocus.com

574.361.2674

Sustainable Growth & Profit Consultant, Coach, Mentor and Counselor/Therapist for Business Owners and Professionals.

All articles, quotes, and material in this newsletter are copyrighted by our associate Gary Sorrell, Sorrell Associates, LLC ©. No part can be reproduced in any form without specific written consent. All rights reserved worldwide. Thank you!

Methods you can use to implement a working hybrid work model

Using a hybrid work model is a leadership strategy that has proven to be very efficient in the past few years. The reason is simple, employees like flexibility and having options is definitely going to make them happy. That’s why many recruiting professionals and managers are highlighting the hybrid work model as an option for potential hires that are interested in it. But how can you make the hybrid model work? Here are some ideas!

Start bringing the in-office and remote teams together

Every CEO that wants the hybrid work model to work should try this. The idea is to have virtual happy hours which help bring all employees together online. You can also have team calls with everyone where they get to know each other. All these ideas that bring the entire team together help immensely, and they will show the true value of this hybrid work model.

Encourage remote work for everyone

It’s a good idea because sometimes you will have in-office people that do want to work remotely. So, having the opportunity to work remotely as needed is helpful. It also makes it easier for those in-office employees to get a sample of how their remote colleagues are working. Which means it’s the best of both worlds.

 

Methods you can use to implement a working hybrid work model

Using a hybrid work model is a leadership strategy that has proven to be very efficient in the past few years. The reason is simple, employees like flexibility and having options is definitely going to make them happy. That’s why many recruiting professionals and managers are highlighting the hybrid work model as an option for potential hires that are interested in it. But how can you make the hybrid model work? Here are some ideas!Start bringing the in-office and remote teams together

Every CEO that wants the hybrid work model to work should try this. The idea is to have virtual happy hours which help bring all employees together online. You can also have team calls with everyone where they get to know each other. All these ideas that bring the entire team together help immensely, and they will show the true value of this hybrid work model.

Encourage remote work for everyone

It’s a good idea because sometimes you will have in-office people that do want to work remotely. So, having the opportunity to work remotely as needed is helpful. It also makes it easier for those in-office employees to get a sample of how their remote colleagues are working. Which means it’s the best of both worlds.

We would love to hear your comments. Please contact us today!

Gary Brunson
gary@myclearfocus.com

Debra Rider
debra@myclearfocus.com

574.361.2674

Sustainable Growth & Profit Consultant, Coach, Mentor and Counselor/Therapist for Business Owners and Professionals.

All articles, quotes, and material in this newsletter are copyrighted by our associate Gary Sorrell, Sorrell Associates, LLC ©. No part can be reproduced in any form without specific written consent. All rights reserved worldwide. Thank you!

These tips might be for you if you’re someone who consistently feels that there aren’t enough hours in the day. Maximize your productivity without losing sleep or increasing your stress levels.

Maximizing time throughout the day is a high-achiever’s specialty. Those who are most successful in life are able to maximize their days without adding undue stress, pressure, or chaos into their lives.

Here’s how you can use your 1440 minutes in a day to the best of their ability.

1) Work Smarter, Not Harder (Lazy Person Brain)
Applying processes and leveraging networks around you to drive efficiency is a major key to increasing your productivity. Successful people are “big picture” thinkers. They are most often reassessing and analyzing not only what they’re doing but HOW they’re doing it.

Create workflows, automations, and innovations that will allow you to do more but with less effort. This will help you divert some of your time to be used in other ways or to push other large tasks forward.

2) Outsource the Least Interesting Pieces (to You)
Successful people understand how to leverage talent around them to achieve collaborative goals.

Pieces of business, personal life, or other realms that don’t interest you can be easily outsourced.

Again, you can turn your time and focus to other things that you are more passionate about in the meantime. There are others who are passionate about the tasks that you are not – let them handle it!

3)  Appreciate and Reward True Talent

Part of outsourcing successfully means maintaining the team of people, friends, and family that you build around you. It only takes time and thought to appreciate those that have helped you get to where you are today. Treat others with patience, kindness, compassion, and understanding. When possible, reward those who are around you in the ways that they will appreciate (monetary, words of affirmation, experiences, etc.).

4)  Maximize your To-Do List Strategy

To-do lists can be easy to use as a way to feel productive. Successful people use a unique to-do list strategy that includes time estimations on each item (time blocking). They also will often start with the hardest or most time-consuming tasks first to ensure that the mental and physical energy is there to accomplish them. Don’t procrastinate your necessary tasks until the end of your list because it’s likely that you won’t get them done!

5)  Find Time through the Day for Efficiency

Is there time through the day where you can be more efficient? Do you commute on public transit? Do you spend time scrolling on social media? Do you have time in the morning that could be used in a better way? Whatever it may be – there is likely a way that you can structure your day to maximize time better. Successful people do a great job of filling their day but not overwhelming themselves.

6)  Prioritize Passions and Health

Being successful means that you’re also actively pursuing things that provide you joy and excitement. If you love to travel, ensure that you have a plan to work that into your short and long-term future. Successful people also take the time to prioritize their health by eating a balanced diet, moving their body as often as possible, and making time to take care of themselves. You only get one bill of health so it’s important to maintain it the best that you can over time!

7)  Live Authentically and Consider your own Needs

Finally, it’s imperative to live an authentic life. Consider your own needs outside of traditional “success” models. This is part of taking care of your mental health. Successful people understand that they’re in the journey for the long-haul so start to organize your life and habits around what makes you happy.

Will you incorporate any of these habits to boost your daily success and productivity? Are you going to do anything new to maximize your time?

We would love to hear your comments. Please contact us today!

Gary Brunson
gary@myclearfocus.com

Debra Rider
debra@myclearfocus.com

574.361.2674

Sustainable Growth & Profit Consultant, Coach, Mentor and Counselor/Therapist for Business Owners and Professionals.

All articles, quotes, and material in this newsletter are copyrighted by our associate Gary Sorrell, Sorrell Associates, LLC ©. No part can be reproduced in any form without specific written consent. All rights reserved worldwide. Thank you!

Leadership can be challenging, since many times you are forced to make risky decisions. However, effective leadership is important when it comes to making a change. And, many times, change is needed within a company if you want to make it grow. That’s why it’s imperative to become a change leader. But how can you do so, and what should you focus on? Let’s find out!

Focus on improving your communication

A good change leader needs to learn how to communicate his wishes and requirements. That’s why you need to be good at sharing what needs to be improved, while offering guidelines to everyone. If you want to make a change, then you have to communicate properly. Improper communication might not give you the results that you are waiting for.

Learn how to strategize (and improve all the time)

Strategizing is crucial for any change leader. When you want to make a change, your first focus is on creating a plan. However, you also need to strategize and find the ideal way to implement your plan. Once you start doing that, it becomes easier to make that strategy a success. A great change leader will always have a clear action plan, which is adequately structured with timelines and any specific priorities.

Make yourself more vulnerable

It might seem counter-intuitive, but yes, it’s a good idea for a change leader to step a bit outside the regular CEO or leader mold. By trying out new things, experimenting you will be able to show everyone needs to be open to change, and that can make a huge difference. You should be firm and with a vision, but also open to many new ideas.

Expect initiative

Yes, you want to expect initiative and not encourage it. The best change leaders are the ones that expect their team to be proactive and take action. Encouraging them means you’re doing half the job yourself. You want to let them push their limits and expect initiative from their side. It’s totally worth it, and the potential can be second to none.

Conclusion

It’s always going to be tricky to become a change leader, but these tips and ideas can be a great starting point. As you can see, you need to be the initiator of change, yet at the same time it makes sense to expect some signs of change from employees too. Avoid any rush, establish the right change-focused strategy, and results will be amazing!

What have you done to become a better leader? Please send us your tips today!

Gary Brunson
gary@myclearfocus.com

Debra Rider
debra@myclearfocus.com

574.361.2674

Sustainable Growth & Profit Consultant, Coach, Mentor and Counselor/Therapist for Business Owners and Professionals.

All articles, quotes, and material in this newsletter are copyrighted by our associate Gary Sorrell, Sorrell Associates, LLC ©. No part can be reproduced in any form without specific written consent. All rights reserved worldwide. Thank you!

Each employee finds value in the differing actions of their leaders. Here are some of the crucial things that you should consider about your employees to become a highly successful C-suite manager. 

Simply put, not all leadership styles resonate with every employee. It can be a challenge to translate technical talent as an employee into great management style and behavior. However, a CEO or C-Suite management position can tremendously benefit from having someone who is highly skilled, with a strong vision, and with technical talent.

So, how can you translate all of that into a single leadership role? It starts with working on the capability to understand those who work around you. It’s crucial to know specific things about your employees and about your team’s dynamic.

Here’s where to get started…

Provide Recognition when Earned

Providing proper recognition is one of the most priceless things that a manager can do for their employees. This is especially true when it comes to team or solo wins by employees.

Many people are motivated by the recognition of those whom they both respect or idolize. It’s important to recognize the accomplishments of a team that may have helped you to achieve success in your career as well.

Beyond verbal recognition, establishing a fair monetary incentive or system that will help your employees feel recognized can also be a major stepping stone. Unfortunately, positive feedback doesn’t pay the bills of the employees that you appreciate. Try to remember that most are motivated to be loyal when they’re taken care of and their needs are met.

Focus on Internal Staff Development

Employees who want to develop their skills, learn more about the industry, and to continually grow are the ones that you want to have around long-term. Providing resources, funding, and opportunities to your employees for professional development can help motivate the best talent in your organization.

Particularly, offering internal staff development opportunities at a challenging time (such as a global pandemic) can be a great way to shake up the routine and keep morale high. Internal staff development opportunities can also help employees understand their purpose and future direction which can lead to increased productivity, ambition, and total work quality.

Finally, attracting new talent with internal staff development opportunities is a great strategy. Ensure that your HR, hiring managers, and recruiters advertise the professional development opportunities that are available to employees. Actively leveraging this “work perk” during hiring seasons can lead to long-term talent recruitment and talent retention benefits.

Create an Environment to Thrive

Leaders must build a culture that’s designed for growth and for employees to thrive. If the C-Suite is recognizing that there’s a disconnect with employees and their morale or overall attitude – it’s time to reassess.

Creating a workplace where people feel they have shared values is so incredibly important. Not only for the short-term but also for the long-term vision in terms of hiring and maintaining the right workforce.

Always Maintain Trust

Finally, managers must continue to foster an atmosphere of trust. The key to doing this is to follow through on your word with actions. Don’t reveal people’s personal opinions or “throw them under the bus”. Leaders only have one shot to maintain trust and integrity. If the trust is broken over time, it will not be long until employees head for the door to find a different opportunity.

What else should leaders know about their employees?

Communication through all channels is a major key to keeping employees satisfied in the workplace. Actively hear the needs of your staff not as a personal failing but as them placing their trust in you to make change when you can. Explain how you’re resolving problems, working on their criticisms, or moving the needle forward in whatever way you have the power to. Being a great leader comes down to absolute communications in as many situations as possible.

Gary Brunson
gary@myclearfocus.com

Debra Rider
debra@myclearfocus.com

574.361.2674

Sustainable Growth & Profit Consultant, Coach, Mentor and Counselor/Therapist for Business Owners and Professionals.

All articles, quotes, and material in this newsletter are copyrighted by our associate Gary Sorrell, Sorrell Associates, LLC ©. No part can be reproduced in any form without specific written consent. All rights reserved worldwide. Thank you!

Meta Description: Remote work has been an increasing trend over the past couple of years. Employees who work at their own pace are more satisfied and are more likely to stay with the company. The growth of work from home is predominantly concentrated in knowledge workers who are generally higher educated and more prosperous.

How Managers/Owners Take Benefits from Remote Workers

The ability of your employees to work remotely could boost their productivity while reducing operating expenses. However, to assist your employees in transitioning into working from home, you’ll have to develop and implement a remote working policy. In addition, managing remote employees requires communication frequently, trusting your employees, and treating them as individuals.

Owners should consider instructing leadership on working with remote teams, focusing on active communication, translating the company culture to remote team members, and scheduling in-person meetings whenever possible.

Impacts of Telecommuting on Work Performance

As new research shows, working at home isn’t an exclusive extra benefit for just a few employees; remote workers increase rapidly worldwide.

Indeed, telecommuting is unremarkable in today’s technology-laden work atmosphere. Yet, as per the U.S. Bureau of Labor and Statistics before the coronavirus outbreak, about 25 percent of U.S. employees worked remotely.

This includes those who regularly worked remotely and people who worked from home but only occasionally.

The increase in telecommuting may be due to the growing conviction that remote workers are greater productive than those working in offices. For example, in the 2021 McKinsey & Co. study, 41percent of those surveyed believed they had more productivity at home than working in an office. The study also revealed that many workers have become more confident about their abilities to work from home after the beginning with the outbreak of the coronavirus.

How Repeatedly do Employees like to Work Remotely?

 

Many employees would like to work from home on a limited basis. As per the 2015 Gallup study, of those currently telecommuting, 60% would prefer working from their homes for up to five days a week. 30% of telecommuters prefer working at home every day. Just 10% would like to work from a workplace constantly.

How to Execute a Valuable policy for Remote Work

To assist your remote employees in keeping or even increasing their Competencies while telecommuting to work from home, implementing an effective policy for working from home is crucial.

When establishing your policy, it is best to start with a plan of the frequency you would like staff to telecommute. This will allow you to manage their schedules while ensuring adequate staffing levels and ensure that your team meets its objectives effectively. It is also essential to discuss with your staff members to ensure that they have the proper facilities and resources to work free of distractions.

Benefit Your Company in Some Big Ways

Working with your employees remotely can benefit your business in various ways:

• Costs reduced: With workers away from the office, every day running expenses in the office will likely decrease.
• Lower rate of absenteeism: Employees could have a lower chance of being absent if they can take care of their family members or themselves while working.
• More productive: Employees who work at home typically have higher productivity, leading to greater efficiency throughout your business.

Conclusion

Working from anywhere provides workers the flexibility and could assist workers in moving to their preferred places. Remote workers could also benefit from relocating to a lower-cost area, closer to their family members or reducing immigration or dual-career frictions.

Gary Brunson
gary@myclearfocus.com

Debra Rider
debra@myclearfocus.com

574.361.2674

Sustainable Growth & Profit Consultant, Coach, Mentor and Counselor/Therapist for Business Owners and Professionals.

All articles, quotes, and material in this newsletter are copyrighted by our associate Gary Sorrell, Sorrell Associates, LLC ©. No part can be reproduced in any form without specific written consent. All rights reserved worldwide. Thank you!

Boomerang employees (who return after leaving a company) may already have good relations with other team members. This makes their integration to the team’s and the company culture much more convenient and accessible to transition.

Important Factors That Must Be Considered

Hiring and onboarding new employees is significantly more costly and time-consuming than hiring and reboarding ex-employees for managers/CEOs. Boomerang employees have competencies in their businesses, its product, the processes procedures, and work more efficiently.

How To Identify Pleasing Boomerang?

Those who left the company on good terms tend to be the best boomerang employees. However, some leave for personal reasons like personal family issues or may have been caught up in the downsizing due to the pandemic.

Others left to gain knowledge or explore new opportunities and advance their career. Finally, they return after acquiring new knowledge and can add additional value to the business they are rejoining.

Former employees can advance in their profession while gaining new perspectives. In addition, employers can benefit from this expansion and new perspectives once an employee who was a valuable past employee comes back with additional skills & knowledge.

Be Conscious of Probable Drawbacks

There is always the possibility that a boomerang could leave again. However, if someone comes back, there is a good reason for their return. So do not interpret their previous absence as indicating that they’re not loyal.

Be certain you know the reason the employee quit originally. Then, if there were real concerns or issues, resolve them before bringing them back. Regardless of how small or insignificant the reason for leaving, if not addressed, they could be a reason for stress within the workplace and relationships.

Another issue is the timing. Former employees who return after a long absence can be unable or unwilling to adjust to the changes in business that happened during their absence. Communication is key.

How to Motivate Returns

According to Kathryn Minshew (CEO and co-founder of The Muse, a job website for career advice), when an employee leaves and wants to return, you can encourage them to do so by telling them they’re welcome to come back with open arms. Possibly praise them for things they did well in the past as you bring them back onboard.

Leadership should develop connections with their employees, whether former or current. According to Sharon Steiner Hart (executive coach at Talking Talent, a coaching firm that helps businesses build inclusive environments), says Establishing a company culture that promotes belonging is essential.

She said it should be simple for employees to return and quickly be a vital part again. Employees, who are connected and feel that their opinions are valued throughout the company, are more likely to re-engage again in the event of an opportunity.

Boomerang employees are not a new thing. So, it shouldn’t come as a surprise that we’re beginning to witness this phenomenon grow to the same rate as employees who leave, mainly when many of them go to fulfil their own needs. The excellent benefit of a boomerang employee is that, typically, after they return, they are more committed to their work with more committed than they had been before and can turn out to be your most effective long-term loyal employees.

Conclusion

The study will undoubtedly provide more information about the boomerang phenomenon; however, we hope this article can overview the phenomenon to help you develop your plan. We believe that those businesses that can best utilize these growing applicants will be better positioned to gain a competitive advantage.

Have you rehired any employees? How is it working out for you and your company? We would love to hear from you. Please contact us today.

Gary Brunson
gary@myclearfocus.com

Debra Rider
debra@myclearfocus.com

574.361.2674

Sustainable Growth & Profit Consultant, Coach, Mentor and Counselor/Therapist for Business Owners and Professionals.

All articles, quotes, and material in this newsletter are copyrighted by our associate Gary Sorrell, Sorrell Associates, LLC ©. No part can be reproduced in any form without specific written consent. All rights reserved worldwide. Thank you!

5 Tips for Leading Corporate Teams through Inflation.

The economic impact of inflation goes beyond the bottom line for a company. Here’s how corporate leadership can best mitigate the impacts of inflation for their team and organization. 

It is becoming clear that the pandemic is going to have lasting and deep effects on society beyond just the virus itself. With inflation on the rise, companies are raising prices and cost-of-living is increasing every day. Inflation (and a potential recession) is going to be the next hurdle that leadership is going to have to face within organizations.

Inflation means tough choices, an impact on the bottom line, and additional stressors on your employees. As businesses, there are some ways to mitigate the effects of inflation but there’s no doubt that it’s one of the most intense challenges that business leaders will face.

The State of Inflation as we continue in 2022

The state of inflation in 2022 is shifting every day. Moving into 2022, inflation was a major factor prediction by economists. It seems that today’s statistics are out of date the next day due to the rapidly shifting global pressures (Russian invasion of Ukraine, the pandemic, climate change).

Here are some stats around inflation today:

• 61% of small businesses in the U.S. have raised prices for their goods and services (highest percentage since 1964)
• The consumer price index climbed to 7.5% which has impacted price increases including energy, food, and housing costs.
• Employee compensation costs in 2021 surged the most they have in 20 years

5 Tips for Leading your Team through Inflation

• Analyze for Easy or Obvious Cost-Savings

This is what many may call the “low-hanging fruit”. Consider cost-savings or cost-cutting methods that will have minimal impact or disruption to your employees’ day-to-day. Conduct analyses on existing contracted services and look for opportunities to price freeze, renegotiate, or terminate depending on how important that service is to your business.

Stay on the lookout for low impact cost savings to help to maintain company culture and morale. The less obvious that you can make the instability or insecurity to your employees – the better it will be for employee retention and overall attitude as you collectively weather the storm.

• Honesty is the Best Policy (if Possible)

Preparing a company for a recession or a sudden rise in inflation is one of the hardest tasks that leadership will face at an organization. Often, it calls for tough decisions to be made under extreme internal and external pressures. When possible, honesty is a great strategy to ensure that your employees feel secure, heard, and communicated with.

Depending on the size and flexibility of your organization – it may be the best thing for retention and morale to be as transparent as possible with your staff. This balance between not “spooking” employees but making sure that they’re aware of the gravity of the existing situation is important. You may also be able to prepare for hiring or succession needs if you sense employees are seeking other opportunities.

• Reconsider Compensation for Retention Purposes

If your business is feeling the inflation squeeze on the bottom line, so are your employees. Prices and cost-of-living are skyrocketing across North America as a result of inflation pressures. Where possible, it may be advantageous for employee retention to consider a cost-of-living wage increase that is in line with the current consumer price increase (CPI) numbers. If wage increases are out of the question, consider other cost-saving methods for your employees such as remote work to save the cost of commuting.

Be careful not to spend egregiously on things that your employees may see as unnecessary but you see as a “benefit” to company culture. For example, distributing grocery cards or a free lunch may seem like a nice gesture but some employees may prefer to receive that same dollar amount in a simple wage increase or bonus cheque for other expenses. Instead of spending money on flashy “perks” – use your budget to line the pockets of your employees.

• Automate and Optimize Processes

Inflation can be a great opportunity for innovation, automation, and optimization. Consider taking the time to fully understand how all pieces of the organization are working with one another. Where is there overlap? Is there room to maximize efficiencies? What would a restructuring in various areas of your organization look like?

These are all ways to not only benefit your bottom line but also make your employees feel more effective as integral pieces of the operation. Automation may seem scary or threatening, but it can be about freeing up time to increase profits or wealth for the organization in other ways.

• Avoid Passing on Increased Costs to your Employees

There’s no doubt that this is an employee’s job market with so many companies hiring. Stories of the Great Resignation and employees leaving for “greener pastures” are becoming the norm.

It’s imperative through this inflation squeeze to consider employee retention – especially given how difficult it is sourcing, hiring, and compensating talented employees during this unprecedented time. Be extremely conscious about passing on increased costs to your employees.

Make no mistake that your employees will take note of how you treat your team moving through these challenging times. Those who feel that the corporation is putting the onus on them to shore up costs will leave. There’s no doubt about it. Be mindful of how you’re treating employees and approaching the overall company culture.

We would love to hear your comments about this article. Please contact us today!

Gary Brunson
gary@myclearfocus.com

Debra Rider
debra@myclearfocus.com

574.361.2674

Sustainable Growth & Profit Consultant, Coach, Mentor and Counselor/Therapist for Business Owners and Professionals.

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