Ask an Advisor: Inflation’s Impact on Competitive Salaries
The COVID-19 pandemic has posed many challenges for employers, one of which is a labor shortage. The high turnover during this time has become known as the Great Resignation or the Turnover Tsunami. The difficulty of maintaining competitive salaries has made hiring and retention a struggle, especially with today’s inflation.
Inflation has surged 7.5% and is at a 40-year high. Naturally, employers are concerned. In fact, according to Payscale’s 2022 Compensation Best Practices Report, 85% of organizations surveyed expressed concerns about rising inflation eroding the value of pay...