Macro

Inflation is Up, and Employees are Noticing

Mar. 29th, 2022
Inflation is Up, and Employees are Noticing

In the free text of employee company reviews, we notice a strong and early uptick in mentions of inflation in negative reviews. Employees aren't just mentioning inflation more in general, but are distinctly mentioning it more in conjunction with compensation.

Mentions of Inflation in Employee Reviews

At companies where multiple employees mention inflation in reviews, have average salaries been keeping up with inflation? Turns out, the reviewers were right to complain - their salaries have barely been keeping up with inflation, while other large US companies have kept up.

Changes in Real Salaries for All Employees between 2020 and 2022

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This is particularly striking when we only look at salaries for newly posted jobs. While this may be driven by the composition of jobs for which these companies were hiring in 2020 versus 2022, it still paints an interesting picture.

Changes in Real Salaries in New Job Postings between 2020 and 2022

Are fears of inflation related to generally lower employee satisfaction? The answer is a resounding yes: reviews mentioning inflation give, on average, 32% lower scores than other reviews within the same company.

Employee Satisfaction at Companies with Frequent Inflation Mentions

Key Takeaways:

  • Mentions of inflation, especially with mentions of compensation in employee reviews, have skyrocketed in recent months.
  • This is not surprising, as the salaries at companies where employees are particularly unhappy about inflation have not kept up with inflation.
  • Employees who worry about inflation are less satisfied with their workplace compared to their peers.
author

Lisa K. Simon

Senior Economist

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