I nflation may be hitting new 40-year highs , but less than a quarter of U.S. organizations say they are revising their salary budgets due to inflation—despite many workers asking for raises or other actions to cope with higher prices, according to a new survey. Mercer, the human resources consulting firm, surveyed more than 300 U.S. employers in March and found that 45% do not factor inflation into salary budgets. Less than 25% say they are making changes to their salary budgets because of inflation—yet 42% say workers have been asking them to take financial actions to help with rising costs. Still, the survey found that nearly half of organizations say they will conduct additional salary reviews for either some or all of their employees as a response, a sign some may be growing concerned about losing workers if they don't take action. A full 77% said dissatisfaction with pay or an offer of higher wages at another firm were the top reason they were seeing turnover among their ranks. "Organizations are being cautious about setting a practice of paying primarily based on cost of living, as opposed to cost of labor," Tauseef Rahman, a partner at Mercer, said in… Read full this story
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More Than 40% Of Companies Say Workers Have Asked For Higher Pay To Offset Inflation. Few Have Revised Salary Budgets. have 326 words, post on www.forbes.com at March 14, 2022. This is cached page on GameMaz. If you want remove this page, please contact us.