Soaring Inflation Rates and Deflated Wages

As inflation rates have soared in recent months, the impact has been felt by employers and employees alike. According to Statistics Canada, Canada’s inflation rate, now at 7.7%, has skyrocketed at the fastest pace in almost 40 years. This is the highest rate since 1983. 

In an ideal world, wages would keep up with rising inflation rates. Currently, this is not the case across many industries.  

Why wages can’t keep up?

The relationship between inflation, wages and business costs is circular and intertwined. Due to inflation, both the costs of living and the costs of doing business are drastically increasing, making wage increases for many businesses challenging or, in some cases, unsustainable. If a company is able to invest in higher wages, they likely have to increase the prices of their products and/or services to account for their overhead. Thus a further increase in the cost of living.
Continue Reading Soaring Inflation Rates and Deflated Wages

In this webinar, SpringLaw’s Lisa Stam and Danielle Murray will discuss how you can support women leaders in the workplace, common challenges women leaders face, and how employers can ensure equitable exits if needed.

Date: Wednesday, May 18, 2022
Time: 10:30-11:00 am EST
Register today: Click here!

Continue Reading Free webinar: Barriers & Biases – Supporting Women Leaders