Inflation has led to a rise in the number of people.
Most businesses will not be able to give raises that match the current level of inflation, according to surveys.
The salary increases predicted by Salary.com, Payscale, and WorldatWork are less than the rate of inflation.
Most workers will see their earnings go down this year because of the cost of living discrepancy.
Kent Plunkett, CEO of Salary.com, told Business Insider that he's concerned about wage loss. A lot of companies have not woken up to what is happening.
The Bureau of Labor Statistics says that real wages fell in the first half of the year.
Workers are stuck between a rock and a hard place when it comes to assessing the best options to mitigate the rising cost of living because most companies don't factor in the rate of inflation.
More than 70% of workers say inflation and the cost of living are not keeping up with their pay.
If you're looking for better pay, it's a good idea to switch jobs as employers will likely offer a competitive salary. The current economic climate isn't as promising as it was a year ago.
Plunkett told Business Insider that a worker's best bet is to ask for a raise now before the budget is finalized.
You should make it now if you have an ask. If you give your boss visibility to what you want, they can fit that into their budget.
Inflation increased to 8.5% in March, the fastest increase in 40 years.
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