Inflation and supporting employee wellbeing

The swift rise in inflation and worries about a potential recession have taken a financial and emotional toll on employees. In this episode, financial and wellbeing experts — Martha Leiper, Carl Gagnon and Laurie Mitchell — share their insights about what’s driving inflation and the practical steps organizations can take to support the people that power their business.  Key TakeawaysSeveral factors are increasing the inflation pressure on the economy. Many businesses are grappling with rising supply costs and shortages, as well as a tight labor market and wage inflation. And businesses are having to pass those costs to their customers. [7.12]Workers are often not aware about their employer’s resources. Most employers offer some resources for emotional and mental health wellbeing and it’s important to build awareness around them before workers get to a place of severe stress. [12:48]Know your risk tolerance. Take control of what you can. “A time of turmoil is not a time to panic and sell your investments, because you will be selling at low valuation. “If you’re close to retirement, you should be out of the more volatile securities,” said Martha Leiper. “But if you’re young in your career, don’t panic, these types of times tend to create good buying opportunities, and the markets will correct, and your savings will grow over time.” [13.59]Diversify savings to ride economic cycles. Offer employees more saving options to respond to different needs, such as building an emergency savings fund, and asset diversification for their retirement plans. [17.13]Engage employees in different ways. Find a balance in addressing the benefit needs of a diverse workforce. And offer workers easy options to engage, including in-person, phone and virtual. [22:09]Design programs across the spectrum of total rewards. Employees want to engage, but they’re also concerned about their personal privacy. “Whether you’re dealing with financial or mental health — it’s about engaging the employees to use the tools that are there and being pleasantly surprised at what those tools can offer an employee,” said Carl Gagnon. [22:36] Featured Speakers Martha LeiperExecutive Vice President and Chief Investment Officer, UnumMartha Leiper is responsible for the investment and asset management strategies of Unum’s portfolio. She serves on the Board of Directors for the Chattanooga Food Bank and River City Company, and on the Investment Committee with the Chattanooga Community Foundation.  Carl GagnonAssistant Vice President, Financial Wellbeing & Retirement Programs, UnumCarl Gagnon is responsible for the day-to-day operations, regulatory oversight and compliance of the Unum global financial well-being and retirement programs, including the Defined Benefit, Defined Contribution and Non-Qualified retirement plans and various flex benefit programs offered within its international operations. Laurie MitchellAssistant Vice President, Global Wellbeing & Health Management, UnumLaurie Mitchell took a slightly nontraditional career path for a registered dietitian nutritionist and has been leading comprehensive employer-sponsored population health and well-being strategy for more than 22 years. Her work focuses on actively engaging employees in their well-being through a mix of innovative programs, benefits, policies and health-forward environmental approaches.