The following was first published in Berchem Moses PC's Connecticut Labor & Employment Law Journal. It is reposted here with permission.
There are signs that inflation is beginning to loosen its grip on the American wallet, but costs remain a major concern for the public.
Gas prices have started to decrease, but groceries, medical care, and rent have continued to become more expensive.
What can employers do to address the situation for their employees while preserving their own economic stability?
In response to concerns regarding inflation, particularly in a union setting, it is helpful to remind employees that inflation is temporary, while wage increases are permanent.
It was not long ago (2010) when inflation was negative and remained flat, until COVID hit.
Nevertheless, even employees who love their jobs may feel the need to look elsewhere if they cannot pay the bills.
Employees at all levels of the wage spectrum may face these challenges and employers should anticipate that it is not only the lowest-paid employees on the payroll who may have difficulty making ends meet.
It is important to understand that certain costs fluctuate regularly (e.g. gas and groceries) while other costs are “sticky” (e.g. rent).
An individual employee’s wages are generally sticky, meaning once it goes up, it is very difficult to bring it down.
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