What are you doing about inflation?
Cost of living is rapidly outpacing cost of labor
Every comp leader knows that cost of living and cost of labor are different metrics.
If employees complain that their personal expenses are rising, you might be tempted to point out that wages are rising too.
But over the past 18 months, inflation has been rising 78% faster than wages on average.
Your employees are feeling the effects of inflation, despite record pay increases.
What, if anything, should comp teams be doing about it?
Are employees asking you to do something? Have you seen satisfaction in pay metrics deteriorate as the market continues to move?
Comment below to share ideas you’re putting into practice, or considering for next year.
Next month I will share a strategy we used a few years ago with successful results.
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