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Employee compensation: Increase transparency, even if you can't increase pay

Employers may not be able to offer raises to combat inflation, but there are plenty of other effective ways to help take the sting out.

Money symbol above cupped hand “Before entering into conversations about salary with employees, leaders must be confident in their current pay practices and have an idea of what they can offer employees,” says beqom’s Jansen. (Photo: Shutterstock)

Another month, another painful increase in inflation leaving many Americans’ wallets feeling even lighter than before. As the country grapples with ongoing supply chain shortages and global economic volatility, Americans are paying more for household necessities. Not surprisingly, many are turning to their employers for a little help.

Unfortunately, it’s not just employees feeling the brunt of increased prices, and raising pay rates to match increased living costs simply isn’t sustainable for many employers. Having conversations about employee compensation these days is particularly hard, given the imbalanced labor market tipped in workers’ favor. But even if employers can’t raise wages, they can be open and honest with employees and create a conversation that’s about more than just dollars.

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Emily Payne

Emily Payne

Emily Payne is the current deputy editor for ALM's Business & Finance Markets and former managing editor for BenefitsPRO. A Wisconsin native, she has spent the past decade writing and editing for various athletic and fitness publications. She holds an English degree and Business certificate from the University of Wisconsin.

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