Employers are raising wages and adding perks to offset workers’ inflation concerns, but if you’re not seeing anything coming out of your own workplace, this could be the time. good to apply some pressure.
Nearly two-thirds of U.S. employers said they increased their compensation budgets this year due to inflation, According to a recent report from Gallagher that surveyed about 800 companies. Indeed, in the second quarter of 2022, those who switched jobs saw their wages increase by 9.5% year-on-year, while wages for employed people increased by 7.2%, according to the report. Data ADP.
But with inflation rising 9.1% in June, a lot of those pay increases aren’t enough to keep up with the rising cost of living. If your recent gains don’t match inflation or you haven’t seen any pay adjustments in the last year, you should weigh concerns and some concerns, says Madelyn Machado, a recruiter in Tampa, Florida. its solution.
One is to ask for a raise — focus on how you’ve helped the company save or make money, she said, and that combined with that inflation and a tight job market makes this a good time to adjust your pay.
Even if you get a “no” at the moment, Machado says it’s still worth worrying about inflation. If you’re worried about it, your co-workers may be too.
“When enough people join this conversation,” that’s the data managers will bring to their compensation and finance teams, says Machado. They’ll be able to say, ‘we’re having a lot of conversations about inflation. What are we going to do about it? ‘”
These discussions can lead to real action across the board: Recently, simPRO, a business management software company, announced Inflation raises wages up to 10% per employee earning less than $80,000 per year “to counter the impact of inflation on simPRO employees.”
Even if you don’t guarantee a permanent raise, another solution is to ask about perks other than salary to offset inflation and return-to-office costs. So far this year, Gallagher reports that employers are supporting workers’ rising costs of living by providing:
- Flexible work schedule (61%)
- Extended timelines for remote work (29%)
- Free main meal or snack (19%)
- Return shipping costs (11%)
- Additional paid vacation time (10%)
- Child care support (4%)
- Housing assistance (1%)
Machado wants people to remember that wage changes can take weeks to be approved and take effect. Others, still may not be able to make any changes for the foreseeable future.
“Even if you do all of this, that doesn’t mean you’ll get the expected raise,” says Machado. “If that’s important to you, it’s time to get involved [job] market.”
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