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
Ethical Practice
Intellectual Property
Closing
Work Life Integration
Inclusion, Equity &
Promotion
Consultation
Campus Placement
Organization & Employee Development
Environmental Health Hazards
Communication
Employee Engagement
Electronic Records Management
HR Software
Do's & Don'ts
Career Development
Employment Testing
Performance Management
Vendors & Software
Business Acumen
Remote & Hybrid Work
Leave Management
Teamwork
What it is like to work in?
Relationship Management
Leadership Development
Employee Data Privacy
Overtime Eligibility &
Guides
Mentoring & Coaching
Workplace Harassment
Gender Identity
Severance Pay
Raise
Privacy
Job Descriptions
Employee Handbooks
Contemporary Issues
Fiduciary Duty
Retirement & Recognitions
Employee Resource Groups
Trends
Family & Medical Leave
Organizational Structure
Opening & Closing
Mental Health Benefits
Communicable Diseases
Workforce Planning
Dependent Benefits
Disability Accomodations
Tags
Article
Tips to Write Job Descriptions That Will Attract the Best Candidates
Just as the candidates need the right jobs to secure their future, the companies also need the righ ...
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 ...
With Manufacturing Jobs Returning to America, What Does It Mean for Manufacturing Job Seekers?
Reshoring is on its way for the US, due to the ongoing COVID-19 crisis, especially for the tech man ...
Why Work With Staffing Agencies To Hire Your Temporary Workers
Recruitment is getting more challenging day by day. Layers of complexities have emerged with the pa ...
Comments