How HR Can Help Employees' Financial Well-Being In Times Of Economic Uncertainty, March 28, 2023, By Dinesh Sheth

Prices for goods and services have increased due to the pandemic, the war in Ukraine, and ongoing supply shortages. This is known as inflation at its best. Since the summer of 2021, the Consumer Price Index (CPI) has measured incremental increases in the prices of consumer goods, most recently measuring 6.4% between January 2022 and January 2023. Federal agencies, such as the Federal Reserve, have begun the disinflationary process to quell inflation but employees continue to stretch their budgets to afford the necessities - food, housing and energy - while planning for unexpected road bumps.

Worker's Financial Worries

To prepare for a potential recession, or the so-called soft-landing, employers and employees alike are cutting costs, paying off debts and seeking additional revenue streams, as well as assessing their financial situation to ensure they can prepare for the future.