Salary increases are coming… with a big ‘but’

Good news and bad news

Image: Selina Lee

Salary increases are coming… with a big ‘but’

We’ve got good news and we’ve got bad news.

The good news: Base pay could increase 3.9% on average in 2022, according to The Conference Board’s survey of 240 companies (a majority of which have 10k+ employees).

Why the increase?

  • 46% of employers say it’ll help attract and retain workers in today’s tight labor market
  • 39% say inflation is also a factor

And that’s the bad news. Inflation is up 6.8% this year in its fastest surge since 1982. So while many may be thrilled their wages are rising, they shouldn’t inflate their hopes too much.

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