“Only 46 percent of those in health care make a living wage . . . generally defined as having enough cash flow to cover their monthly bills,” shares Kathryn Mayer in this article. She highlights pronounced disparities for women and people of color.
Only 56 percent of full-time workers in the U.S. are making a living wage, while 44 percent are not earning enough to cover their family’s basic needs, according to the inaugural Dayforce Living Wage Index. The report used data from 600,000 full-time U.S. workers and analyzed it using MIT’s Living Wage Calculator.
Source: SHRM, September 16, 2024. Link. Other research found that workers making less than $50,000 a year are significantly more likely to rate their wellness as poor or very poor compared to their higher-earning counterparts.
INSIGHTS: We noted the statement asserting financial instability can create volatility in employee retention, attendance, engagement and performance . . . all caused by short-term liquidity challenges. Sound familiar?
Also see: Why working parents are struggling, and what HR needs to do, Human Resource Executive, September 12, 2024. Link. Surgeon General Dr. Vivek Murthy is “calling for a fundamental shift in how we value and prioritize the mental health and wellbeing of parents.” Stephen Kramer frames the childcare crisis as a “trilemma” . . . working parents are struggling to find a) access to care, b) care that is affordable, and c) high-quality care.