Applied Underwriters to give 10% pay raise to cover rising inflation
Applied Underwriters, a global risk services firm operating throughout the US, UK, EU and Middle East, with its headquarters in Omaha, Nebraska, has increased staff salaries across the board by 10% to ease the impact of soaring inflation.
The wage increase takes effect retroactively to June 20.
In a statement, Steve Menzies (pictured), chairman of Applied Underwriters, stated that the dramatic adjustment, far outpacing industry averages, came as predictions of inflation made by the company’s lead economist Justin Smith have become an acutely felt reality during the first and second quarters, and now appear to loom for later this year.
Applied plans to revisit the impact of inflation on staff in the fourth quarter with an eye to possible further adjustments for its 1,000 employees.
Menzies noted: “Our staff is vitally important to us, a reality we demonstrate in many ways. For decades, we have carefully assessed the impact of inflation each and every year and adjusted wages across the board accordingly. While this 10% salary adjustment appears unprecedented, all of the indicators point to the dire problems inflation continues to impose upon working men and women. Our loyalty has always been a two-way street, particularly since Applied operates on a strongly merit-based platform and is thus able to retain the excellent, high achieving talent that has made us an industry leader. We attract top talent consistently and have created a most desirable formula for both keeping them and setting the path upon which they can truly flourish.”
According to the company, its employee retention levels have held at rates comparable to historical norms. Statistics released by the company show approximately 30% of staff advanced in compensation and/or position and over 90% plan to stay with the company for the foreseeable future.
Menzies attributes this to a number of factors, some of which he believes are not on the typical charts that quantify results: “Staff members recognise the values that we have sustained over the years with accurate and honest wage and benefit adjustments as well as the kind of investments we make for the benefit of our staff.”
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