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Companies Cutting Back Key Perks For Workers And More Could Be On The Chopping Block

via CNBC
This article was originally published at StateOfUnion.org. Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak, UltimateNewswire and others. To learn more about syndication opportunities, visit About Us.

Companies are cutting non-cash benefits for employees as a way to reduce costs due to high inflation and a slowing economy.

Glassdoor analysis shows that many workers lost access to retirement plans, dental and vision insurance, and other benefits in 2023.

While wages and salaries remain stable, companies are reducing other dimensions of total compensation, with the tech and finance industries being the most affected. (Trending: Chilling Surveillance Program Under Biden Exposed)

“During soft labor markets, there are other dimensions of total compensation that commonly decline,” the report read.

“These include hours worked (for non-salaried workers), equity and incentive-based compensation and the company-contribution to the cost burden of benefits like health insurance or retirement plans.”

“There is some evidence that benefits access has started to erode, a trend that could accelerate in 2024,” Glassdoor wrote.

The government reported slower job growth and higher unemployment, indicating a softening job market after a period of hyper-competition.

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