Salary Expectations and Pay Strategies The Great Resignation fueled higher pay for everyone.
In 2021, existing job holders saw wage increases of 5.9% and those who switched jobs received an average increase of 8%, as reported by Time. While the economic downturn in late 2022 has eased some of the pressure on compensation, employee pay expectations continue to increase — along with inflation. Many economists expect inflation to remain elevated through 2022 and into 2023, which puts upward pressure on wages and salaries for employers . Organizations that don’t meet salary expectations risk losing talent. Attract and Retain Top Talent Compensation and benefits are the largest expenses in most organizations. Ensure that you have built an A-Team capable of doing the job that you are paying them to perform. Offer Non-Financial Rewards More and more employees value non-monetary perks that help improve quality of life. So consider the employee experience and offer flexwork options that blend office hours onsite and offsite or wellness programs that include both mental and physical health. Survey your employees to understand what perks are most important to them.
26 Financial Salary Guide & Employment Outlook 2023
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