Employee Benefit News
There is no doubt that employees are feeling the pressure of inflation on their wallets. A dollar just doesn't seem to go as far these days and unfortunately, salaries aren't making up the difference. In fact, there has been a 7.7% increase in prices over the last year, however, employees can expect salaries to increase by about 4.6% in 2023. With 55% of Americans saying that they are experiencing financial hardship due the rise in costs, what can employers do to help offset this struggle? The short answer? Benefits. Company sponsored benefits can help lessen the financial burden on employees by offsetting expenses in other areas of life, like discounted child care, virtual health care, and financial planning tools. Furthermore, sticking to hybrid or remote models can be incredibly beneficial financially. A study conducted by FlexJobs found that employees could save $12,000 annually by working form home. Remote work saves money for employers too. Global Workplace Analytics estimates that companies can save $11,000 per remote employee. If salaries aren't meeting inflation rates, will we see an increase in company offered benefits?
