High Gas Prices and Employee Retention: Ideas to Retain Employees and Appeal to New Ones
Even though gas prices have decreased over the past month or so, the price of gas is still high. Americans are taking vacations less and staying home more. Also worthy of note is the following: According to a survey of 377 individuals titled, How Much is Too Much: America’s Addiction to Gasoline and Its Impact on the Workforce, conducted by the Telework Exchange, “89% of respondents said that they would limit a job search due to potential commuting costs. 28% are looking for a new job today, due to commuting costs.” Not only are companies missing out on some potentially talented workers, but at risk of losing the ones they have because of the cost to drive to work.
Honestly, survey and poll statistics do not even need to be factored in because employers know how their employees are being affected when it comes to overall morale. That said, here are some ideas for helping your employees save on gas and make your company stand-out to potential new ones.
Offer an opportunity to telecommute
If your company is mostly computer based, why not consider allowing your most trusted and long-time employees to telecommute to help them save on gas? Your employees are the backbone of your company and the ones who perform at or above expectations with minimal to little supervision deserve to keep more of their paychecks. If you allowed those who want to telecommute to do so and they have a computer at home, not only would you increase their gas savings but it would increase morale in the work place and inspire other employees who would like to work harder to achieve such a privilege. It would also decrease expenses your company incurs due to “sick days.”
Gas reward incentives
Increase productivity and morale by having a weekly, biweekly, or monthly contest with the prize being a gas reward. Use your companies gas rebate credit card to purchase a few pre-paid gas cards to hand out to your most productive employees.
Four Day Work Week
Not only would you save on electricity costs for one day and help your workers save on gas, but you may notice a boost in morale. Refreshed and happy employees make for exemplary customer service and satisfaction. Of course, by implementing a four day work week you would enjoy the extra day off too. To see how this has impacted one company in particular, see our blog, Some Companies are Helping Employees Save on Gas.
Other options for how employers can help employees save on gas
According to survey done by the Society for Human Resource Management (SHRM), What Employers Are Doing to Help Their Employees with High Gas Prices in 2008, the following are results of how some companies are being proactive in lending a helping hand…
- Raise the mileage reimbursement to the IRS maximum
- Offer a flexible work schedule
- Public transportation discounts
- Helped employees in organizing carpools
- Offer priority parking to employees who carpool
- Help non-executive hires help in finding housing closer to the office
- Offere a monetary incentive for employees to buy hybrid cars
Try some of the options shown here today and take notes to help determine how your business is affected as a result whether positively, negatively, or neutral. Any measures your company takes to help employees will benefit not just them, but you in the long run.