Inflation is being considered or accounted for in annual pay raises
According to a report by the Society for Human Resource Management, HR professionals are worried about inflation along with their employees. The report found that 73% of HR professionals are worried about the impact of inflation on workers.
Johnny Taylor Jr., President and CEO of SHRM commented: “Employers recognize that inflation has a major impact on the well-being of their team. In fact, SHRM research found that 87% of those worried about inflation said their highest concern was the effect on the lives of their employees.”
Of HR professionals aware of their organizations’ plans for annual pay raises, 63% said inflation is being considered or accounted for in annual pay raises.
HR professionals at smaller firms with less than 100 employees were most concerned about inflation, with 81% citing concerns.
The percentage was 74% at midsize firms with 100 to 499 employees and 67% at large firms with 500 or more employees.
Industries where HR pros were most concerned about inflation were agriculture, 97%; wholesale trade, 95%; utilities and energy, 82%; and manufacturing, 82%.
SHRM’s research included a survey of 1,150 HR professionals and took place from May 10 to May 24.