Professional Service Firms | National Practice

After hitting 40-year highs in 2022, inflation rates are trending down. But the decline is expected to be gradual, slowed by continuing inflation for housing, health care, food and energy. In response, many professional services firms are implementing larger-than-average pay increases.

As the professional services industry continues to navigate a competitive labor market complicated by  higher-than-average employee turnover rates and the shift to hybrid work models, traditional defined benefit (DB) pension plans can be an effective differentiator for existing and future employees alike. Still, delivering pension benefits requires plan sponsors to navigate the challenges of ongoing pension administration, risk management and evolving employee expectations — often with limited staff.

The pay transparency movement continues to gain momentum. Several states and municipalities have enacted pay transparency requirements over the past several months. Many more are considering similar legislation as a way to improve pay equity and attract top talent.

The term “quiet quitting” went viral in 2022. After three tumultuous years of lockdowns, increasing employee burnout and shifting expectations for work-life balance, the phrase resonates with employees and employers alike. Quiet quitting sparks passionate reactions and prompts employers to seek fresh solutions to enhance employee engagement.