<img height="1" width="1" style="display:none;" alt="" src="https://dc.ads.linkedin.com/collect/?pid=118459&amp;fmt=gif">
Show all

Creating an Inflation-proof Benefits Package

Creating an Inflation-proof Benefits Package

2.5 minute read

As the U.S. economy faces the real possibility of an upcoming recession, employers are becoming increasingly concerned about inflation’s impact on their employees. Many employers are looking for creative solutions to better support employees while navigating a competitive labor market.

Strategies for Inflation-proof Benefits Package

Focusing on Comprehensive Benefits Packages

Due to the economic downturn, many employers’ budgets may be shrinking, and they have fewer resources to allocate to compensation and benefits. Employers can strategically invest in the benefits employees want and value most including mental health support, enhanced leave options, voluntary benefits, and financial wellness resources.


Establish Long-term Strategies

Employers need to implement forward-looking strategies to ensure employees benefit decisions align with long-term goals. Establishing overarching benefits strategies, such as budgeting for mandatory and optional benefits, forecasting benefits budgets into the future, providing employees access to high-quality providers, focusing on employee well-being, and improving employee engagement can provide organizations with multiple ways to effectively respond to a wide range of challenges and create inflation-proof benefits packages.


Implementing Innovative Approaches

Some employers are introducing innovative benefit offerings to meet employee needs without increasing costs to employees. These include things like wellness spending accounts, emergency saving accounts, paid time off conversion, and special equity grants.


Consulting With Third Parties

Many organizations might not have a formalized compensation process or compensation manager. This can make adapting their benefit offerings for an economic downturn extremely difficult. These organizations can work with compensation consultants to conduct an objective analysis of their benefit programs, develop long-term strategies, and make tailored adjustments. Skilled consultants have the expertise to help organizations implement benefits changes and avoid costly pitfalls.



By implementing benefits solutions to address inflation’s impact on employees, employers can address their attraction and retention challenges and help employees feel confident in their financial well-being. Download the bulletin for more details.


New call-to-action

National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.

Strategies for Tackling Health Care Costs in 2023
November 07, 2022
man holding wooden blocks that say compliance
2023 ACA Compliance Checklist
November 07, 2022
Nicole Miller

Nicole Miller

When it comes to employee benefits, Nicole Miller is a good person to have on your side. She’s worked in the insurance industry since 2004 and has experience working on both the insurance carrier/agency side. Her customers find her to be dependable, detail-oriented, and highly skilled at simplifying the complex. As Account Manager for National Insurance Services, Nicole works with Michigan schools, cities, and counties on their employee benefits, benefit communication, and wellness plans. She helps employees and employers answer policy-related questions, resolve employee claim issues with carriers, and assists with employee or insurance committee meetings. Nicole is a licensed insurance agent.