Increasing salaries for workers and rapid inflation
The rate of wage increases by employers remained stronger than anticipated, but they were still insufficient to offset the inflation rate's even greater acceleration. According to the Employment Cost Index, which was issued by the Bureau of Labor Statistics, wages and pay for civilian workers grew 5.3 per cent over the year that ended in June and 1.4 per cent in the second quarter. Both metrics reflect a faster increase compared to the first quarter.
Although the quarterly change fell short of the 1.5% increase in the autumn of 2021, the 12-month gain was the largest since the spring of 1983. After accounting for inflation, the situation is less favourable. After accounting for increased costs, wages and salaries fell by 3.5% over the previous year. Just slightly less than the 3.6 per cent decline for the year ending in March, which was the worst decline since the agency started compiling figures that were adjusted for inflation in 2001.
According to Jason Furman, a professor of economics at Harvard University and a former head of the Obama administration's Council of Economic Advisers, the statistics clearly reveal that individuals are falling behind. Employers have had to boost pay to retain employees and fill unfilled positions as a result of the Covid-19 pandemic's extremely tight labour market, even though the rises don't keep pace with the cost of living.
Source - CNN
Category
Health Savings Accounts
Communication
Workplace Security
Drug & Alcohol Testing
Wellness Benefits
Compensation & Benefits
Mental Health Benefits
Workforce Planning
Downsizing
Workplace Wellness
Flexible Spending Account
Dependent Benefits
Consultation
Time Worked
Environmental Health Hazards
Age
Social Media
Job Applications &
Remote & Hybrid Work
Hiring & Firing
Privacy
Employee Resource Groups
Employment Offers
Background Checks
Emergency Response
Pay Equity
Opening
Inclusion, Equity &
Ethnicity
Learning & Development
Business Continuity
Artificial Intelligence
Opening & Closing
Onboarding
Disability Benefits
Benefits Reporting & Disclosure
Analytical Aptitude
Cybersecurity
Affirmative Action
Disaster Preparation & Response
Sexual Orientation
Payroll
Mental Wellness
Technology
Sexualy Harassment
Religion & Spirituality
Communicable Diseases
Open Enrollment
Organizational Structure
Religious Accomodations
Tags
Article
How to Avoid Burnout in 2022
Whatever your work setting may be, it’s important to stay productive while you don’t burn out. Here ...
COVID-19 - 6 Challenges Staffing Firms Are Likely to Face
Most industries have severely suffered in the ongoing pandemic with a few exceptions, like healthca ...
Tips To Help You Create A Robust Hiring Strategy For 2021
While employment is steadily rising in all sectors, the fear of COVID-19 still reigns supreme. As t ...
All you need to know about the teaching profession
Teaching jobs: transformative teacher roles you can undertake amidst the teacher shortage in the US ...
Comments