(Photo by Tima Miroshnichenko: https://www.pexels.com/photo/a-woman-counting-money-6694539/)
Prices are going up, but pay remains stagnant.
Although inflation has declined from 9% to 3%, it still has not reached the Federal Reserve’s target of 2%, PBS reported. Amid the rising cost of living across the nation, workers are not receiving an increase in compensation to sustain their standard of living.
Talker polled 1,859 employees, of which 46% said they feel “somewhat recognized” at work, while 8% reported they did not feel recognized at all. According to Essence, the absence of recognition at jobs is likely related to a lack of rewards and salary increases. As workers are not recognized or praised for their work and successes within their places of employment, it can translate to not receiving compensation for accomplishments on the job.
Talker’s report on worker recognition highlights concerns addressed by employees regarding how valued they feel by the companies they work for, Essence noted.
The January report noted that diversity, equity, and inclusion efforts are often the first to get overlooked “as economic uncertainty continues into the new year.” As a result, forward-thinking organizations will benefit over their competition because of the value that will be placed on the employee.
Source: Black Enterprise