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As inflation weighs on the public, 71% of workers claimed their salary and wage growth is being outpaced by a rise in the cost of living.
According to the 12th annual Workplace Benefits Report from the Bank of America, workers said their compensation is falling behind as inflationary pressure mounts.
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The report revealed 80% of workers are concerned about inflation and that 62% are worried about their personal finances.
Half of workers reported taking action due to financial hardship in the past six months. Some are dipping into their savings, while others are working more hours or seeking higher-paying jobs, among other things.
Aside from economic concerns, the survey also showed that half of companies report having diversity and inclusion programs for their employees. Nearly three-quarters of employers “believe that diversity and inclusion programs are important for retaining talent.”
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The report examining workplace trends is “based on a nationwide survey of 824 employees and 846 employers conducted in February, and a second survey of 478 employees conducted in July.”
