Inflationary Salaries In Finance and Accounting, attracting and retaining top talent has been a struggle for years. But the 2021 talent shortage changed the talent landscape, creating a candidate-driven market with never- seen-before inflationary salaries. Turnover reached an all-time high with skilled candidates being ultra- selective and getting multiple offers, as well as counter offers from their current employer. The Conference Board reported that while pay raises are returning to pre-pandemic levels across all industries, rising prices mean higher salaries may not keep pace with inflation . The average US salary increase budgets are projected to grow to 3.3% in 2022, indicating continued economic recovery and an increasingly tight labor market. But the known unknown is that employers are still facing economic uncertainties, magnified by the threat of the Delta variant. This could impact the ability to provide pay raises that keep pace with inflation. 2022 could result in another year where turnover rates remain high as all levels of talent continue to search and find better-paying positions elsewhere.
24 Financial Salary Guide & Employment Outlook 2022
Made with FlippingBook Learn more on our blog