Current wages aren’t keeping up with cost of living, workers say

Per Monster’s 2024 workplace report, the economy is straining employers and employees alike.

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Dive Brief:

  • Evidence is mounting that the current state of the economy is putting a strain on workers. Eighty-one percent of workers don’t believe their current wage has kept up with the rising cost of living, according to data from job search site Monster.
  • Employers are also feeling the heat, according to the 2024 Work Watch Report; 34% said salary expectations are placing a “strain on their bottom line.”
  • This has likely led to what Monster called “wandering eyes”: 95% of respondents said they’re looking or plan to look for a new job in 2024.

Dive Insight:

Beyond increasing compensation, another opportunity Monster highlighted as a powerful employee benefit is flexible scheduling. About 1 in 3 workers told Monster that incorporating flexible hours is the most important way that employers can support worker mental health and well-being. About 3 in 4 workers said they feel burnt out — particularly due to staffing shortages.

This shows burnout may be slightly on the rise; previous data from isolved found that 65% of respondents suffered from burnout in 2023.

Previously, a chief people officer at a compensation company told HR Dive that flexibility is key to recruiting talent in 2024. Potential candidates will be searching for jobs that “fit their lives” — instead of the other way around, the CPO said. 

As always with each new year, HR has new opportunities to revamp their total rewards package in pursuit of new talent. Per the Integrated Benefits Institute, more than half of employers said that employee well-being is a top goal for them.

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