Other companies have been helping their employees with the hard time we are all experiencing around cost of living by either boosting their pay on top of year raise or discretionary bonus for wintertime to support with the rising bills etc. Is Assurant looking to do anything for all employees in support of these hard times? Assurant’s compensation philosophy focuses on pay for performance in alignment with market-competitive pay. When determining the Annual Compensation Review (ACR) budget, we look at changes in the cost of labor, not the cost of living – the latter which is directly impacted by inflation. While changes in the cost of living often influence the cost of labor, there are other factors that impact cost of labor, such as supply and demand, complexity and evolution of skills and jobs, etc. In some years, the ACR budget is higher than inflation and in some years, it is the same as or lower. The size of our current ACR budget, and how increases are to be distributed, reflect our ongoing commitment to pay for performance and take into account current cost of labor to maintain market-competitive pay.
