Is Your Company Inflation Proof?

According to a Spring 2022 Article, U.S. Small Businesses cite inflation as their biggest threat, but we are seeing a surprising reaction to these rising costs.

According to a survey of over 8,000 employed U.S. Consumers, 1 in 5 consumers are considering starting their own business to help with the financial strain of predicted 2022 inflation.

Businesses in 2022 are seeing a boost in employee retention as they increase employee benefits, but many businesses are saying it is harder to retain skilled workers, with the percentage of skilled workers dropping from 42% to 38%.

As we look to help businesses retain these skilled employees who might be tempted to join the growing faction of gig workers in America, how can you, as a manager, positively impact your company?

You probably know it intuitively, but a September 2021 article detailing ‘The Great Attrition’ (or the Great Resignation) by Mckinsey & Company affirmed, that feeling valued by the manager and organization with potential for advancement, and a sense of belonging are among the most important reported elements according to the nearly 5000 employees surveyed.

So, what are some key practices you can implement to attract and maintain the essential employee-manager relationship? It starts with creating daily Leadership Moments.

What is a Leadership Moment?

A Leadership Moment is when a person decides whether or not to ACT or REACT as a leader.

To act as a leader and build the bond between your team and your organization, use these 8 ingredients from BQC’s Leadership Moment Secret Sauce Recipe:

Leadership Moment Characteristics

• Make a decision and Take Action.
• Leverage your experience to anticipate and seek out potential problems before they occur.
• Take ownership and responsibility “the buck stops here”!
• Move forward with resilience; Learn from your losses and move on.
• Listen to understand and check in on potential employee issues with thoughtful questions such as, “You appear off-balance/upset/quiet – what’ s up?” & “What recommendations do you have?”
• Keep your ego in check: be proud and yet be modest with compliments and positive. Leaders are “we-biased” versus “me-biased” so acknowledge others and/or give credit to the team for team wins.
• Keep your composure in heated situations: The person who shows emotion first loses their relational advantage with others (Yes, always!)
• When you’re wrong, apologize sincerely. It’s courageous and builds trust.

When you can be a solid and inspiring presence for your organization, you will create dependability and stability. So, instead of your employees feeling alone and insecure with the pressure of rising inflation, you will be a calming and attractive force for your organization.

Be the anchor for your organization by stepping into Leadership Moments as they arise, and you will help your organization weather the uncertainty in today’s economy.