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<blockquote data-quote="NC man" data-source="post: 5013727" data-attributes="member: 81695"><p>The problem? With the economy finally emerging from COVID lockdowns, the cost of living for millions of Americans has been rising even faster. The latest government figures show that the consumer price index (CPI) jumped 5.3% in the last 12 months.</p><p></p><p>And with such a strong job market, workers aren’t likely to be happy with pay increases that, in so-called real terms, leave them poorer than before.</p><p></p><p>A 3% raise this year? “Insulting,” declares Tara Furiani, chief executive and host of the web series, Not the HR Lady.</p><p></p><p>Instead of falling back on old habits, companies should take a cue from what’s expected to be the biggest cost-of-living adjustment (COLA) for Social Security recipients in decades, with current estimates suggesting a 6% increase for these benefits, she adds. “Employers need to be thinking about a similar, more realistic, cost of living increase for their employees, too.”</p><p></p><p>The Social Security Administration has made cost-of-living adjustments to benefits since 1975, based on a measure of CPI for urban wage earners and clerical workers. In the past decade, COLAs have averaged 1.65%, or about half of the reported salary increases in that time. While government employees may receive across-the-board COLAs, only 11% of companies reported they are a factor for salary increases, according to a survey by WorldAtWork.</p><p></p><p>While COLA doesn’t drive how most employers design their pay systems, Americans are feeling the pinch of higher prices for basic necessities like rent, food and gas, notes Bill Dixon, managing director with Pearl Meyer, a compensation consulting company. “Any salary increase in that 3% range is causing you to fall behind in terms of inflation.”</p><p></p><p>3% insulting, how about ZERO,lol</p></blockquote><p></p>
[QUOTE="NC man, post: 5013727, member: 81695"] The problem? With the economy finally emerging from COVID lockdowns, the cost of living for millions of Americans has been rising even faster. The latest government figures show that the consumer price index (CPI) jumped 5.3% in the last 12 months. And with such a strong job market, workers aren’t likely to be happy with pay increases that, in so-called real terms, leave them poorer than before. A 3% raise this year? “Insulting,” declares Tara Furiani, chief executive and host of the web series, Not the HR Lady. Instead of falling back on old habits, companies should take a cue from what’s expected to be the biggest cost-of-living adjustment (COLA) for Social Security recipients in decades, with current estimates suggesting a 6% increase for these benefits, she adds. “Employers need to be thinking about a similar, more realistic, cost of living increase for their employees, too.” The Social Security Administration has made cost-of-living adjustments to benefits since 1975, based on a measure of CPI for urban wage earners and clerical workers. In the past decade, COLAs have averaged 1.65%, or about half of the reported salary increases in that time. While government employees may receive across-the-board COLAs, only 11% of companies reported they are a factor for salary increases, according to a survey by WorldAtWork. While COLA doesn’t drive how most employers design their pay systems, Americans are feeling the pinch of higher prices for basic necessities like rent, food and gas, notes Bill Dixon, managing director with Pearl Meyer, a compensation consulting company. “Any salary increase in that 3% range is causing you to fall behind in terms of inflation.” 3% insulting, how about ZERO,lol [/QUOTE]
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