Are your employees making living wage employment? ❓❓❓❓
One way to find out is to determine what the cost of living is in the state where the employee lives. 🏡🏡🏡🏡
Top 5 costly states for single workers based on what they would need to make to afford cost of living:
💰 Hawaii: $112,411
💰 Massachusetts: $87,909
💰 California: $80,013
💰 New York: $73,226
💰 Alaska: $71,570
Then compare their pay rate with not only cost of living, but salary data from bls.gov. 💻💻💻💻
Are your employees able to follow the 50/30/20 budget guideline? 🤔🤔🤔🤔
“50% of income is used to cover necessities, such as housing and utility costs, 30% goes toward discretionary spending, and 20% is left for savings or investments.” (Winters, 2023). ❗️❗️❗️❗️
With increased housing, utilities, gas and goods cost rising at every turn, it’s important that you do not treat this as a one time review. 💸💸💸💸
Living wage employment changes as cost of living in the state changes. ⚖⚖⚖⚖
That means you need to be reviewing this data regularly. 📝📝📝📝
How can you make change in your organization to ensure people are making living wage employment? ❔❔❔❔
Happy A People Friday!
https://www.cnbc.com/2023/08/29/the-salary-a-single-person-needs-to-get-by-in-every-us-state.html
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