Workforce Workshop

The Effects of Inflation on Wage Stagnation and Rising Living Costs | Episode: 202

Episode Summary

Inflation is rising, wages are stagnant, and the cost of living feels overwhelming. In this episode of Workforce Workshop, host Chiraz Kelly breaks down the economic forces driving this imbalance and how it’s affecting workers and businesses alike. Learn why wages aren’t keeping up, the challenges facing lower and middle-income earners, and the steps employers and employees can take to adapt. From actionable strategies for upskilling and income diversification to insights on supporting your workforce, this episode provides real-world solutions to today’s economic challenges. Tune in for a thoughtful discussion on navigating inflation’s impact on the workplace and beyond.

Episode Notes

• Inflation’s Impact: Rising prices reduce purchasing power, making it harder for workers to afford necessities.
• Wage Stagnation: Wages aren’t increasing at the same pace as inflation, leaving workers struggling.
• Key Drivers: Supply chain disruptions, global competition, and cautious post-pandemic business strategies.
• Worker Challenges: Rising costs for essentials like food, housing, and healthcare disproportionately affect lower-income earners.
• Employer Solutions: Offer non-monetary benefits, merit-based raises, and maintain open communication with employees.
• Worker Strategies: Upskill for better opportunities, negotiate wages, and diversify income streams.
• Systemic Issues: Addressing inflation and wage stagnation requires collaboration from workers, employers, and policymakers.