Inflation, Employees, and Rewards

Inflation. We’ve all heard about it, spoken of it, and now, as the cost of everyday consumer goods soar, we all certainly feel inflation too.

NBC News reports that “data released last week by the Bureau of Labor Statistics showed that inflation had climbed 8.5 percent in March compared to a year ago — the largest increase since 1981.” Rising prices are eating away at household income gains, and consumers across the economic spectrum are bearing the pinch. Higher grocery and energy bills, hefty gas prices and staggering housing/rental prices are all forcing consumers to reassess monthly expenses and spending patterns, and in some cases, reduce discretionary budgets.

As an employer, what can you do to help?

Many employers are offering employees the ability to work from home additional days each week to cut down on the fuel costs associated with the daily commute. Some employers are offering catered lunches for employees to subsidize food expenses. But in a time when consumer goods are undergoing price increases, there may be another opportunity for employers to help ease expenses for employees…product rewards.

Enabling employees to earn points which they can then use to shop for merchandise leaves them feeling valued, but it also gives them some breathing room when it comes to shelling out money for costly consumer goods. Just think: if an employee has to spend 17% more on a piece of furniture and 12% more to buy a carton of eggs, a merchandise reward program where items come at no cost to them is likely a much welcomed benefit.

These rewards can include anything from necessary household goods (like cookware, small appliances, and dinnerware) to items of indulgence (like handbags, sunglasses and jewelry), and everything in between. Summer is coming, which means lots of outdoor activities for people of all ages. We recommend including the following rewards this season to delight employees who need to spend their monthly budget on the essentials, but still crave some “extras” as well:

• Sunglasses from brands like Coach, Oakley and Ray-Ban
• Bikes, scooters and ride-ons from brands like Solé, Kent and Radio Flyer
• Camping and picnic gear from brands like Coleman, BioLite, Picnic at Ascot, and Grizzly
• Hiking and running gear from brands like Thule, Thermos, Eddie Bauer, Jaybird and S’Well
• Backyard products from brands like Solo Stove, Balkene Home, Swimline, Big Green Egg and Weber

To learn more about rewards perfect for the summer season — or any other season — contact us today. We would be happy to help you cultivate a rewards selection your employees will love and appreciate.