The Federal Reserve, responsible for adjusting interest rates to control inflation, has been closely monitoring the job market, which continues to fluctuate. The number of jobs being added each month is slowing down, although it is still exceeding predictions. The unemployment rate is also up, at 3.6%. However, this number is still just about the lowest unemployment rate the country has ever experienced – that is to say, this is not necessarily any reason to panic.
This year, New York joined the ranks of states such as California, Connecticut, and Washington who have pay transparency laws on the books.
Organizations are increasingly mulling over plans to incorporate more frequent pay increases. Inflation has complicated pay strategy, but it hasn’t stopped employers from using pay as a lever to find scarce talent.