You know how today’s economy is impacting your business, but what about your employees?

Many Americans are becoming more and more concerned with their finances and job security as of late, a recent survey concluded.

Their number one fear: the rising cost of living. Sixty percent of those polled said they were very concerned about inflation. With food and gas prices skyrocketing, even more people voiced concerns that their salaries might not keep up.

Adding to your employees’ stress is the constant worry that their jobs may not be as secure as they’d like — almost 40 percent of them admit to worries of being let go. And 88% are concerned about the recession and its side-effects.

With so much money going towards basic necessities, more employees are worried about health care coverage. Half of those polled who claimed to have unpaid medical bills are concerned about how they’ll pay them without digging deeper into debt.

Not to mention that nearly 60% have little to nothing saved for retirement, and don’t have the means to begin saving.

Here’s a chance for you to turn a negative into a positive and boost employee loyalty - since easing employee fears can decrease turnover and save you money:

• if you’re not planning to lay anyone off in the near future, let them know
• bring in an expert on long term savings to give them guidance
• try to compensate for the rising cost of living with incentives for hard workers, and
• talk to your HR manager about your benefits package. If you can afford to up the ante on the medical coverage, it just might help you in the long run.

Employees will appreciate anything you can do to help them out, and you’ll be rewarded with their increased loyalty.

Tags: Economy, Incentives, Loyalty, Morale