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Inflation is Taking a Bite Out of Employees' Salaries - Here's How Employers Can Help

Posted June 03, 2022 by CHC Wellbeing. Filed under WELLBEING, FINANCIAL WELLBEING, EMPLOYEE BENEFITS
Cost of living

Employee Benefits News

On top of the financial struggle the last two years brought on, inflation has hit a 40-year high in the United States, forcing many employees to rethink their finances. Gas prices are nearly 48% higher than a year ago, groceries have increased by 10%, and rent and mortgage payments have increased by 14% and 21.3% respectively. However, the average rise in wages, as reported by the Bureau of Labor Statistics, was only 4.5%. Many employers focus on the cost of labor rather than the cost of living, however, the current market may make them rethink. Will employers begin to reconsider their salary budgeting to help retain and gain top talent and how will this impact the other fiscal benefits offered to their people?

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