Rising inflation has imperiled one of employers' biggest bargaining chips for employee retention: benefits. As prices spike amid the "great resignation," it's not a game companies can afford to lose.
The cost of medical care in the New York-New Jersey area rose by about 8% between September 2021 and last month after steadily creeping up all summer due to inflation, according to the U.S. Bureau of Labor Statistics. The price of providing benefits is expected to surge by about 6% next year, according to Mercer, following a more modest 4% gain this year that was driven by rising premiums and prescription drug costs, according to the Society for Human Resource Management.