Compensation
Hourly Wage Growth
Ensuring compensation keeps up with both the market and rising inflation is essential for retaining talent.
Aug 2023 - Aug 2024
Aug 2019 - Aug 2024
Greater Grand Rapids
73%
Michigan
U.S.
HR professionals say inflation is a top concern
Greater Grand Rapids
$30.80 27% Greater Grand Rapids Average Hourly Wage (August 2024) However, only
Michigan
U.S.
of HR executives say they factor inflation into annual pay raises
0%
5%
10%
15%
20%
25%
30%
Source: Bureau of Labor Statistics
Source: SHRM, “2023-2024 State of the Workplace Report”
Average Hourly Wages Comparison
$36.50
$34.50
Greater Grand Rapids
Michigan
U.S.
$32.50
$30.50
$28.50
$26.50
$24.50
$22.50
2019
2020
2021
2022
2023
2024
Source: Bureau of Labor Statistics
TALENT RETENTION | 10
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