To Stay Competitive, Companies Are Increasing Pay in 2022

In response to today’s tight labor market, more companies are looking at boosting pay this year.

WorldatWork’s January 2022 “Salary Budget Quick Poll” revealed that organizations are increasing their previously planned salary budgets to address the competitive labor market and inflation. The poll, which had more than 200 compensation professional participants, reported an average salary budget increase of 4.0% and a 5.0% median. The WorldatWork “2021-2022 Salary Budget Survey,” which was released in August 2021, projected 3.3% average and 3.0% median for 2022 overall salary budget increases. The same study stated an anticipated 2.9% average and 3.0% median budgeted merit increases for 2022.  READ MORE