As the Great Resignation raged on last year, companies and organizations ramped up their compensation and benefits packages to keep workers in their seats.
But those perks and big pay raises are set to experience a rollback this year as employers tighten their belts amid economic uncertainty and sky-high interest rates. Raises are already set to be smaller. Now it seems that benefits are on the chopping block as well. Nearly half (47%) of companies surveyed plan to trim employee benefits this year, according to Care.com’s 2023 Future of Benefits survey of 500 U.S.-based human resources executives and professionals.
