Mercer’s 2018 Cost of Living Survey rankings demonstrate how increasing cost of living in various parts of the world is affecting organizations in terms of deploying talent and is also impacting the cost of doing business in various cities around the world.
Cost of living says a lot about a region. On one hand, it can signal economic prosperity; on the other, it becomes an issue of affordability. For people in general, living comfortably with a stable income and budget is one of the most important things. However, the increasing cost of living not only creates affordability issues for people in general but also for organizations as many of them squander to compete with competitors to pay to their employees. Rising living costs affects the labor and labor markets in many ways. From deterring lower-income groups from migrating to high living cost areas that results in the decimation of much needed labor force for growing markets, to pricing out the local workforce, the effects of high living costs are felt in some unusual ways. On top of that, digital disruption, maturing demographics, skills deficits — phenomena like these not only affect the global business ecosystem and the nature of jobs that are crucial for the future of work but also have a trickle-down effect on talent mobility and compensation packages. Along with that, unstable housing markets and fluctuating inflation are impacting the cost of doing business in various cities around the world.
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