Flextime Policies Achieve Better Work Life Balance Management Essay

Flextime Policies Achieve Better Work Life Balance Management Essay The increased attention of issues relating to the implementation of flexible time arrangements to support work-life balance reflects significant economic and social changes at the individual and organizational level. Since 1950s, there has been a significant change of the standard working time (Bittman and Rice 2001; Blyton, 1994), resulting from the demand to increase flexibility without undermining cost factor.  As a result of the extended operating hours, businesses have experienced a much wider range of working hour arrangement, especially in the case of part-time and hourly workers.   The changes in the profile of labor market due to the increase in female participation in the workforce, the rise of single-parent and dual-income families and the increased number of workers in sandwich generation ,the growth on expenditure and debt levels, and the prospect of boundary-less work organizations in the future pose critical questions about peoples current and future ability to satisfactorily integrate their work and home-lives, the support system available to facilitate that integration, and more broadly, the role and value of work and consumption in contemporary society (Ransome, 2005; and Schor, 1999).   There is no one that fits for all solution to the issue of implementing flexible time policy in the workplace. The case study demonstrates that different policies, practices, and strategies will be needed to address the issue of flex-time conflict. Furthermore, we will analyze the role of communication, monitoring, and information sharing to achieve optimal benefit from flextime. By using flexible work arrangements, employers give employees a sense of control and empowerment.  This will lead to reduced cost from absenteeism, lower level of productivity, increased stress level, increased turnover and replacement. Introduction We have seen the images of working adults, trying to balance the burden of having a spouse, children, or elders to support, and work-related issues, usually coping with deadlines and increased work pressure, on the other. The balance is brittle, if they spend too much time at work, their family will suffer and vice versa. The role of work has changed, from zero-sum game to win-win interactions largely because of changing economic and social conditions (Harris Marmer, 1996). Win-win situations can be achieved by arranging work-schedules to meet work-family demands, making priorities, using employment-related resources, and having access to behavioral and emotional support from others especially employers (Friedman Greenhaus, 2000). One of the biggest challenges for organizations has been how to respond to the economic and social changes that alter the working environments. In response, many work organizations are introducing a variety of innovative approaches to cope with the changes in working roles and structures. Once perceived as a matter of necessity and survival, work is now seen as a source of personal satisfaction. One of the vehicles to attain balance and fulfill personal satisfaction is flexible-time arrangements. In the next section we concentrate on how this fashionable term has evolved and discuss problems related to the implementation of the program.    Key Concepts Research on work-life balance started in the mid-1960s ( Rapoport Rapoport, 1965 ) and developed from the focus on women and work-family conflict, to a more recent focus on all employees. However, the term work-life balance is a misnomer. The phrase indicates that work is separate from life, although work is increasingly dominating peoples lives. Furthermore, the word balance seems to imply that there is a trade-off between work and life, yet they are not necessarily mutually exclusive (Kanter, 1977). Parasuraman and Greenhaus introduced the term work-life integration to overcome the problem of work-life balance (1997). The idea is to integrate work and personal lives rather than seeing them as two separate domains that rule out one another, thus have to be balanced. However, one misunderstanding of the term integration is that it implies work and personal life must be integrated in the sense of merging each other, eliminating the possibility of integrating the two by deliberately keeping these domains separate (Lewis Cooper, 1999). As a result, the word harmonization has been introduced to relate work and personal life domains in harmonious ways without ruling out one another or merging these domains together (Gambles, Lewis, Rapoport, 2003). For simplification purpose, we will not delve into the issue of these terms and use the term work-life balance interchangeably with work-life harmonization or  work-life integration.   Ballard and Seibold (2004) stated that flexibility pertains to the degree of rigidity in time structuring and task completion plans.   Flexibility is categorized into flex-time, job sharing/part-time work, and telecommuting  (Hall Richter, 1988; Sullivan Lewis, 2001). Flex-time is a simplified term that describes flexibility in work schedules and hours. Employees can manage their work days within core-hours the hours which employees must present at work, usually between 10:00-14:00- and a bandwidth the earliest and latest starting and finishing times built around core-hours to which they can choose to adjust (Christensen Staines, 1990). There is no universal definition of standard work days due to different legislations across countries.however, we assume that it is defined by 40-hour and five-day working week. The Current Flextime Trend in Canada Flex-time programs are common in Canada and the trend reflects employers belief on that flex-time implementation results in better business performances. According to Statistics Canadas 2003 Workplace and Employee Survey (WES), which sampled 20,834 employees from 6,565 workplaces, approximately 57% of all working Canadians are already using flex-time programs, including compressed workweek and flexible work schedule. In the study, Flexibility: Whose Choice Is It Anyway? conducted by Cooke and Mann, they analyzed the WES data and discovered that flex time programs are implemented to improve business performances and minimize cost rather than to assist employees with their work-life balance. The Demographic Change The sandwich generation and workaholics are the two main groups of employees that are experiencing low satisfaction due to their poor work-life balance. According to Statistic Canadas General Social Survey (GSS), the sandwich generation population has increased from 670,000 in 2002 to about 2.7 million Canadians in 2007 (General Social Survey: Cycle 21, 2007). In 2002, it was estimated that approximately 27% of people age 45 and above are struggling to support both their children under 25 years old and their aging parents while working a full-time job (Williams, 2005). In fact, the latest GSS published in 2008 indicates a steady increase of sandwiched caregivers due to the late marriage trend, currently baby boomer generation are sandwiched in between family and work.   In addition to that, the increasing population of females in the workforce today also constitute to the proportion of the sandwich generation. There is an 11.6 % increase of all working women from 1976 to 2006 (Table 1). Increased education, desire for personal fulfillment, increased consumption, the high cost of living, and the high rate of divorce has contributed the growth in women participation in the workforce. In fact, according to the Statistics Canadas data collected in 2006, 73% of all women with children are part of the workforce (Almey, 2006). This indicates that families with children are more likely to have dual income from both the wife and the husband, leaving lesser time for individuals to take care of the family. 2005 GSS also collected data showing that there are 31% working Canadians aging 19 to 64 who think they are workaholics. Comparing to the non-workaholics, the majority of workaholics are unsatisfied with their current work-life balance. The large proportion of working Canadians who are unhappy with their work-life balance indicates the possibility that flextime can be a feasible solution to help with their stress in time management. Society also witnesses the increasing number of boomerang generation. Boomerang generation or boomerang kids are young adults age 20 and above that have returned from independence to live together with their parents. The growth of the boomerang generation is partly due to the economic condition and also to the multicultural family structure of Canada. According to Statistic Canada, 73% of Asian-Canadian families have adult children living with their parents whereas only 26% of Canadian born parents are allowing their adult children to live with them (Turcotte, 2006). Nevertheless, the boomerang generation relies partially on their parents in order to save the cost of owning and renting a house which helps maintain their desired lifestyle. Due to the emergence of the boomerang generation the burden has doubled for the aging baby boomers who have to continue working in order to take care of their adult children and the elders in the family (Canada Year Book: Society and community, 2008 ). The Caregivers Wish List In order to assist with the growing number of employees with work-life balance concern, Statistic Canadas 2007 GSS provides further data which include 712,000 caregiver aged between 45 and 64 and explore their major concerns with their work and personal life.   According to the statistics, 70% of sandwiched employees believe if the company provides more support and flex time programs, their work performance will improve (General Social Survey: Cycle 21, 2007). The following statistic is from Cara Williamss article, The sandwich generation, which shows the significant cost for sandwiched employees when they do not have access to resources that help them balance their work and personal life (2005).   Ã‚ ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  15 % reduced their work hours  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   20 % changed their schedules  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   10 % lost income  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   70 % are stressed out  Ã‚   Table 2 (refer to the Appendices ), The Caregivers Wish list, is a comparison of the needs from sandwiched employees to employees with elder care needs. The highlighted percentage of sandwiched employees shows that the top two wishes for both sandwiched employees and employees with elder-care responsibility are some form of workplace support such as flexible schedule and elder care to help accommodate their overwhelming responsibilities (Williams, 2005). Overall, both statistic and employee survey suggest that flexibility is a major attribute that potential employees consider in a company. Flextime Policies The adoption of flexible time policies differ widely by the level of public provision and culture of the organization. Some researchers argue that laissez-faire market stimulates employees concern of work-life programs, whereas others argue that public provision creates a climate which employers become active in pursuing this entitlement (Lewis, 1997). Den Dulk (2001) further reinstates that active government provision does not translate into the disappearance of the motivation for employers to implement work-life programs. Poelmans and Sahibzada (2004) summarize all factors that may influence the adoption decision. They argue that the probability of an organization to address work-life conflict is a function of the macro-level context in which the organization runs the business. The country level context is related to employees sense of entitlement to receive support from their employers, whereas the labor market context affects employees choice and negotiation power over organizati ons work-life policies, thus increasing the pressure on firms to implement them (Poelmans Sahibzada, 2004). The complete factors that influence organizations adoption decision is presented in Table 3 (refer to the Appendices ). Organizations need to decide the flexible work arrangements that suit their business model and the needs of the workforce. Business model that requires employees to meet fluctuating demands from clients outside work hours may implement flexible work arrangements. In fact, flextime is ranked more favorably than reduced-time schedules because many (full-time) employees with family responsibilities cannot afford to work less than standard full-time schedule (Rodgers, 1992). Benefits Employees that benefit from flex-time include working parents, especially working mothers, who want to be involved in their childrens lives while having the balance of having a family and a career at the same time. At Bristol Myers Squibb, 72% of those who worked flexible hours in 2003 were female (Poelmans Beham, 2005). Flextime options are excellent recruiting and retention tools. An article in the Long Island Business News interviewed many executives and found that they agree that investment in such programs shows that the company cares about their employees well-being and increases the companys attractiveness to highly skilled people who might not be ready to go back into the workplace on a full-time basis or just need flexible schedules (Starzee, 2009). In a survey by Careerbuilding.com in 2008, 54% of 7600 workers felt that companies offer flexible work arrangements to help manage stress levels and work life balance. 90% of American employees also feel that they are more value d by their companies if given the option of flexible schedules (Sweeney, 2003). Benefits offered depend on the type of job, industry or the employees.. With the right employees and good implementation on the part of management, costs of flex-time policies should be much less than replacement costs, which includes recruitment, hiring, training, and orientation. Even for an entry level position, replacement costs can exceed $10,000, not including lost time, energy and effort of management (Bednar, 2010). Using this strategy, companies can keep their top talent happy and reduce turnover. When the same employees stay with the company for a long time, they can provide better service for clients due to increased experience. Absenteeism is also likely to decrease since employees are more motivated to work when they feel they are valued by the company by giving them options to help them juggle their home and work demands. Table 4 in the Appendices lists the possible advantages of flexible work arrangements. Costs There are also costs to implementing flex-time policies. First of all, it is not one size fits all. Most employers identified through years of experience that many employees might not have the same motivation to work hard and get work done by staying late if they were given the option of coming in after the official start time (Bednar, 2010). Therefore, monitoring is essential to ensure that employees are not taking advantage of the policy. In order to properly and effectively implement a flex-time policy, employers need to introduce a series of new rules and procedures to manage the flexible workers and culture change, such as stricter punctuality and related provisions to ensure the equal, or even higher level of productivity. It is a burden and a risk for management. They are also required to monitor the performance of flexible employees with different measures to reduce scheme risks and achieve work goals. Secondly, starting such programs requires a great amount of communication to the employees about the availability and details (Bitti, 2008). Regardless of the results, management must spend time and effort in the attempt to make flex-time work. Productivity could decrease, service level might be lowered and lead to customer dissatisfaction, and employee dissatisfaction might also arise if they believe the arrangements were unfair.  Flex-time is not always supported by all employees, even though it is mostly considered as a benefit for employees. In 2008, a Deloittes survey of more than 1600 workers showed that 39% respondents agreed that taking advantage of formal flexible work policies including flex-time would harm their career. Based on the survey, employees are more comfortable with informal policies, such as taking time off for personal activities, if leaders are more open about their own needs and practices (CFO, 2008). To further complicate the matter, flex-time was seen as both alleviating and generating stress and was generally seen to have a negative impact on opportunities for learning and advancement (Kelliher Anderson, 2008). Some businesses cannot adjust their employees work schedules, because such a change would not fit their business (Wensley, 2008). A client may call in looking for something immediately, and the person with the flexible schedule is absent (Starzee, 2009). These potential negative effects may lead managers to be more conservative about implementing flex-time options. Despite all costs associated with the implementation of flex-time policies, employers that provide greater flexibility have been found to be related with higher perceived organizational performance (Perry-Smith Blum, 2000); resulted in increased shareholder return (Arthur, 2003). In addition, flextime policies create a favorable view of the organization, thereby suggesting that the organization is more attractive to job seekers (Casper Buffardi, 2004). In fact, many of the industry leaders listed in the Best 100 Companies to Work For in Fortune Magazine provide excellent flextime policies that better integrate work-family life of their employees. Case Study:   Kraft Foods, Inc. Kraft began to support work-life balance programs after a national employee survey in 2000 showed that the major challenge for most Kraft employees was finding balance between home and work-life. The survey also indicated that Kraft hourly workers that account for 59% of Kraft employees were the least satisfied with their work-life balance among all the employee groups. To overcome the problem, Kraft introduced the Fast Adapts program. Initiated in December 2002, Fast Adapts allows workers to swap shifts, take single day vacations, and request job sharing arrangement from their supervisor. Fast Adapts program was published in the company newsletters and broadcasted on the video monitors. The program was also communicated in the regular plant-wide meetings.    The flexible arrangement enables employees who are out on leave because of extended illness, family issues, or taking vacations to switch shifts with other employees. All hourly workers are eligible to use Fast Adapts program, given that the arrangements are aligned with work process, plant policy, or union contract. If not, employees are encouraged to discuss their situation with Human Resource managers to find alternative work solutions. To evaluate the effectiveness of this program, information about employee satisfaction was collected in the first quarter of 2003. The biannual survey showed improvement in hourly employees satisfaction with work-life balance. Conclusion The repetitive nature and inflexible schedule of the job in Krafts working site contributed to the decreased level of work-life balance satisfaction among hourly employees. Krafts Fast Adapts program has been successful for some reasons. Employees receive more autonomy over their work schedule, thus they are able to better integrate work-life demands. Plant managers also need to be more accountable, as they have to develop flexible work arrangements that work best for each individual plant. Fast Adapts program also encourages employees to communicate their needs to employers. The other key issue is to understand that flexibility should be an ongoing and mutual commitment between Kraft and its employees, win-win situation can only be achieved if both sides work toward Krafts vision of a supportive culture. Appendices Table 1: Employed Women by age group in percentage 1976 1986 1996 All women 41.9 50.2 52.1 15 to 24 51.4 58.1 52.0 25 to 44 50.0 66.4 70.9 45 to 54 45.6 55.9 66.3 55 to 64 30.3 30.3 33.5 Source: Statistics Canada. (2006). Women in Canada: Work Chapter Updates.   Ã‚     (Catalogue no. 89F0133XWE). Retrieved April 2, 2010 from Statistics Canada:   Ã‚     http://www.statcan.gc.ca/pub/89f0133x/89f0133x2006000-eng.htm Table 2: The Caregivers Wishlist Employed (%) Sandwiched Respite Care 52 Flexible work or study arrangements 46 Information on long-term disabilities 43 Information on care giving 42 Financial compensation / tax breaks 36 Counselling 28 Other 12 Source: Williams, C. (2005). The sandwich generation. Perspectives on Labour and Income.(Catalogue number 75-001-XIE).   Retrieved March 27, 2010, from Statistics Canada: www.statcan.ca:8096/bsolc/english/bsolc?catno=75-001-X20041097033. Table 3: Macro-context factors that influence adoption decision Country Level Extensive government-supported policies, as in social democratic countries Egalitarian gender-role ideology Low in masculinity Low in power distance Countries high in individualism Labor Market Scarcity of talent or skills High diffusion of work-family benefits High percentage of women in the active population High reliance on knowledge work High reliance on quality of customer service Source : Poelmans, S. Sahibzada, K. (2004). A multi-level model for studying the context and impact of work-family policies and culture in organizations. Human Resource Management Review, 14. 409-431. Table 4: Advantages of flextime policies Benefits for employers Cost savings because of increased retention of valuable employees Improved morale, employee satisfaction, productivity and employee commitment because of better integration of work and family lives. Better scheduling for the department A public relation tool to attract new employees Savings in office space and equipment Less time lost in traffic jam can be invested at work, also improved parking options Government incentives to encourage flexible employment fuelled by concerns about traffic, air quality, etc Source : Poelmans, S. Sahibzada, K. (2004). A multi-level model for studying the context and impact of work-family policies and culture in organizations. Human Resource Management Review, 14. 409-431 various.

Marketing (Repositioning) Essay

There is a wide range of forces acting upon organizations which make the need for service repositioning inevitable. The main forces include changing technology and expectations of customers, increased competition and changing nature of economic relations, etc. Today, repositioning of existing service offering becomes a strategy which helps companies to sustain strong market position and resist competition. Following Lovelock and Wirtz (2003) repositioning can be described as changing service characteristics aimed to meet new market conditions. The main sets of conditions for service repositioning include (1) a market decline, (2) competition and (3) changing customers’ needs. Therefore, reposition ­ing is about the new vision of the company in the customers’ minds. It is about earning customers’ trust to make them willingly follow the company. Market decline is the main reason which forces companies to reposition their service offering to remain profitable. For instance, if rates of return are below â€Å"competitive† rate it can result in withdrawal from the industry and a decline in activity and competition. In this situation, companies need to reposition their service offering in order to find new markets and new target groups. Repositioning is the best strategy used by companies to enter new markets essential for the opportunities and new competitive positioning. For instance, in order to survive â€Å"Fast Company† created a strategy aimed to reposition the magazine â€Å"in the minds of advertisers—a task that depends on first repositioning in the minds of readers—and then executing† (Lindsay, 2005). Airline carriers use repositioning strategy to avoid market failure and decline. (Essential repositioning of the Airline. Luxair, n.d.; Europe’s Winners and Losers, 2001). Also, this industry repositions itself in order to maintain high growth through optimization of a product mix and technological innovation. Very often, companies reposition their service offering using a quality/price strategy. Some airline carriers have positioned their brands selling for twice the price of services emphasizing their national origins, demon ­strating how quality and price can be reinforced (Essential repositioning of the Airline. Luxair, n.d.). It is possible to say that airline carriers seek to change the experience of buying and using a service (the service benefit) to prove a price position (Lovelock and Wirtz, 2003). Increased competition and new market entrants can force companies to reposition their service offerings. On the one hand, new entrants to an industry bring new capacity, a desire to gain market share and position and new approaches to serving customer needs. It is important to note that new competitors can have a negative impact on prices. Their strategy can result in reduced industry profitability (Lovelock and Wirtz, 2003). In this case, repositioning their service offering, companies try to find new service benefits to attract potential consumers. For instance, tourism market in Jamaica needs a reposition in order to compete on the market and remain competitive. Golding, a leader of Jamaica Labour Party, says that the industry is â€Å"running a risk right now because there is significant increase in the number of rooms, particularly with the Spanish investments† (Reposition tourism marketing, 2006). Also, Golding admits that â€Å"There is a need for a whole new approach to attraction development because there are so little offerings for the tourists, particularly at nights† (Reposition tourism marketing, 2006). On the other hand, multinational companies like Vodafone mobile operator can face a threat of service adaptation and can become a victim of global competitors (Calling for a rethink, 2006). In some cases, the companies need repositioning strategy to relocate the brand in consumers’ minds creating a competitive advantage.   This repositioning strategy ensures the customers credibly (Lovelock and Wirtz, 2003). Repositioning helps companies to establish trustworthiness, confidence, and competence for customers. It is possible to say that reposi ­tioning becomes the best strategy to keep the company’s identity and per ­sonality in the customers’ minds. The company can force customers to buy their products creating new image of the brand. In the era of globalization, repositioning strategy can help to differentiate the brand image from competitors proposing distinct features of the service offering. So, reposi ­tioning is not just about persuading and creating new image in the consumers’ minds, it is about earning consumers’ trust (Calling for a rethink, 2006). Another set of conditions under which it is appropriate to reposition an existing service offerings deals with future needs and wants of the customers and their changing expectations. Customers needs and wants have changed over time. These causes require companies to find new strategies and directions to deliver customer satisfaction. For instance, the main problems faced by WHO is that â€Å"Like many middle-aged organizations, a lot of the WHO’s problems stem from the fact that it has not changed with the times† (Repositioning the WHO, 1998). In this case, repositioning is needed to provide satisfaction of members’ social needs, and a sense of personal identity. Also, WHO organizations â€Å"regard government action as automatically good, profit as automatically evil, and intellectual property as theft† (Repositioning the WHO, 1998). Advances in technology and innovations require new positioning strategies to attract potential customers around the world. In this situation, repositioning becomes a response to the need of customers and increased market competition. It is possible to conclude that managing repositioning effectively is a complex and challenging task. Although firms need to meet expectations of their customers and resist competitors in order to remain profitable. For many organizations, repositioning is measured as profits in one form or another, while for others they may be the achievement of social needs. Today, repositioning strategy is one of the most important elements of marketing which helps companies to respond effectively to changing demands and new economic environment. References Calling for a rethink. 2006. The Economist. http://www.economist.com/business/displaystory.cfm?story_id=5444969 (accessed 19 August 2006) Essential repositioning of the Airline. Luxair. n.d.   http://www.luxair.lu/luxair/jsp/polopoly.jsp?d=642&a=6662&l=en (accessed 19 August 2006). Europe’s Winners and Losers. The Continent’s slump will change the landscape. 2001. Business Week. October 15.   http://www.businessweek.com/magazine/content/01_42/b3753136.htm (accessed 19 August 2006) Lindsay, J. 2005. Super Service: How to Revive The Business Publication You Just Bought for ~$35 Million. June 26.   http://www.mediabistro.com/articles/cache/a4669.asp (accessed 19 August 2006) Lovelock, Ch., Wirtz, J. 2003. Services Marketing, People, Technology, Strategy. Prentice Hall; 5 ed. Reposition tourism marketing, says Golding. 2006. August 15. http://www.jamaicaobserver.com/news/html/20060812T210000-0500_111077_OBS_REPOSITION_TOURISM_MARKETING__SAYS_GOLDING_.asp (accessed 19 August 2006) Repositioning the WHO. 1998. The Economist. http://www.economist.com/research/backgrounders/displaystory.cfm?story_id=127783 (accessed 19 August 2006)   

College Is Worth The Time And Money - 1477 Words

Have you ever contemplated going to college? Have ever you wondered if it was worth your time and money? Many question whether a college education is worth the time and the money that it costs to go. Will you actually be able to get a job after years of college? Why are they even going? Is the money you’re spending worth the price and the time? These are all questions you may wonder or even ask when deciding if college is right for you. With today’s job market and the cost to go to college, you may assume it isn’t worth it, but maybe it is. I personally believe that college is worth the time and money. A lot of people in today’s society view any education higher than high school as an investment that will eventually pay off but many others would tell you that you are just wasting time and money. In today’s world a college education isn t an option or privilege anymore, but a necessity. Many of us are raised to believe that we need a higher education to achieve success in life. 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Over the years the economy around the world has changed. It has prospered, and it

The Influence of Supply and Demand on Inflation

Inflation is an increase in the price of a basket of goods and services that is representative of the economy as a whole. In other words, inflation is an upward movement in the average level of prices, as defined in Economics by Parkin and Bade. Its opposite is deflation, a downward movement in the average level of prices. The boundary between inflation and deflation is price stability. The Link Between Inflation and Money An old adage holds that inflation is too many dollars chasing too few goods. Because inflation is a rise in the general level of prices, it is intrinsically linked to  money.   To understand how inflation works, imagine a world that only has two  commodities: oranges picked from orange trees and paper money printed by the government. In a drought year when oranges are scarce, one would expect to see the price of oranges rise, because quite a few dollars would be chasing very few oranges. Conversely, if there was a record orange crop, one would expect to see the price of oranges fall because orange sellers would need to reduce their prices in order to clear their inventory. These scenarios represent inflation and deflation, respectively. However, in the real world, inflation and deflation are changes in the average price of all goods and services, not just one. Altering the Money Supply Inflation and deflation can also result when the amount of  money in the system  changes. If the government decides to print a lot of money, then dollars will become plentiful relative to oranges, as in the earlier drought example.   Thus, inflation is caused by the number of dollars rising relative to the number of oranges (goods and services). Similarly, deflation is caused by the number of dollars falling relative to the number of ​oranges (goods and services). Therefore, inflation is caused by a combination of four factors: the supply of money goes up, the supply of other goods goes down, demand for money goes down and demand for other goods goes up. These four factors are thus linked to the basics of supply and demand. Different Types of Inflation Now that we have covered the basics of inflation, it is important to note that there are many types of inflation. These types of inflation are differentiated from each other by the cause that drives the price increase. To give you a taste, lets briefly go over ​cost-push inflation and demand-pull inflation.   Cost-push inflation is a result of a decrease in aggregate supply. Aggregate supply is the supply of goods, and a decrease in aggregate supply is mainly caused by an increase in wage rate or an increase in the price of raw materials. Essentially,  prices for consumers are pushed up  by increases in the cost of production. Demand-pull inflation occurs when there is an increase in aggregate demand. Simply put, consider how when demand increases, prices are pulled higher.