Welcome to our summary of May best reads on HR trends!
This month, money—in terms of inflation and pay transparency—was the hottest topic.
HR Trends for May 2022
Inflation is affecting workers across the country
- Those with incomes between $50,000 to $150,000, in particular, are experiencing a disparity between their pay and rising costs.
- Will many employers raise salaries to compensate? Offering remote work as an option at least reduces commuting costs.
- Microsoft is increasing salaries and stock compensation, practically doubling its salary budget. The company expects the increases to mostly impact early-mid-career employees.
- Financial health benefits and perks for gas and groceries can also help employees manage increased expenses.
Speaking of money, more states are implementing pay transparency laws to combat inequity
- With women still earning less than white men—and Black and Hispanic women earning significantly less—pay transparency may help to close the gap.
- Laws like these in states including New York, Colorado, Washington, and soon, California, can also help to save both hiring managers and job seekers time by preventing misconceptions about pay for an open position.
- Making the information transparent may be challenging for some companies to implement, however, it may also lead to higher wages across the board.
- In California, not only will salaries be posted for open positions, current employees will also be able to ask about the ranges for their positions.
- One San Francisco company posted employees’ salaries (except for those who opted out) publicly online, along with a salary calculator and information on how one might see their salary increase over time and with career growth.
- It’s become more common for young employees to share salary information with one another, particularly among Gen Z workers.
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