According to the Bureau of Labor Statistics (BLS), the average hourly wage rose by 10 cents in December 2016. This 2.9 percent increase was the largest annual wage increase since 2009. Experts believe that the tightening of the labor market and relatively low inflation rate contributed to the increase.
Economists have predicted that wages will continue to increase in 2017. If wages do continue to rise, HR will need to evaluate their compensation and benefits packages and make necessary adjustments in order to recruit and retain top talent. Determining your benefit philosophy as an employer is key to making these adjustments.
AUI can help with your benefit philosophy determination. To learn more about how we can help you, please contact us!
