Organizations are tasked with navigating the effects of economic inflation in today's world. We conducted this quick Pulse Survey between 2/25/2022 to 3/7/2022 to understand and share the practices that organizations are using to address the matter of inflation.
In the Cost of Living Adjustment (COLA) Pulse Survey we looked at the extent to which inflation will affect compensation. Results found that 99% of respondents are somewhat or very concerned that rising inflation rates are eroding employee pay. Other key findings that organizations should keep in mind include:
- How many respondents have a separate budget for COLA this year.
- How many respondents are letting employees know about a separate fund which offsets the negative effects of inflation on pay.
- How many respondents have increased their merit increases to combat inflation and tightened labor markets.
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