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The Consumer Price Index (CPI) for the Detroit region has risen from a 1% annual increase to a 3% annual increase in the past two years. As the general Cost-of-Living has increased for employees consistently, wages have remained stagnant for the past 10 years leaving employees to tread water financially. In order to attract and retain employees in a competitive market, employers must be proactive in ensuring that employee wages increase at a rate faster than the general cost-of-living increases.
Companies must take basic Cost-of-Living-Adjustment (COLA) data into consideration while also considering the competitiveness of their salaries compared to other companies. In 2019, employers must provide 3% in order to simply meet the anticipated increase in living expenses for the region.
For companies that do not have the financial resources to increase wages at a rate that exceeds basic COLA standards, EctoHR, Inc. encourages its clients to consider the following creative alternatives for low-cost employee benefits.
For additional ideas of proven, low-cost employee retention strategies, or for assistance in researching job and industry-specific wage data, contact an HR professional at 810-534-0170 or at email@example.com.