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Despite economic uncertainty, most workers still plan to ask for a raise
Despite economic uncertainty, 63% of workers plan to ask for a raise by the end of the year. Companies are responding to the pressure by increasing starting salaries, offering signing and retention bonuses, and being transparent about salary in job postings. Employers are also adjusting to employee expectations by benchmarking salaries and offering hybrid work options.
How many workers plan to ask for a raise in the next year?
Nearly two-thirds of workers say they plan to ask for a raise by the end of the year.
What strategies are employers using to beat the competition in hiring?
Companies are increasing starting salaries, offering signing bonuses, offering retention bonuses, and being transparent about salary in job postings.
What factors have driven salary investment over the past year?
Factors like inflation and a tight labor market have driven salary investment over the past year.
How have employers responded to employee expectations for salaries?
Employers have generally not planned to drastically reduce their investment in salaries and have adjusted to employee expectations over the long term.
What strategies can employers use to bolster employee engagement and morale?
Employers can embrace flexibility, benchmark salaries and compensation packages, and employ strategies to bolster employee engagement and morale.
👍 This article is a great example of how employers are making an effort to meet employee salary expectations and how they are trying to respond to shifting economic winds.
👎 Despite increasing salaries, workers are still not satisfied and are looking for other options if they don't receive a raise. This creates a difficult situation for employers who may not be able to afford to meet these high pay expectations.
Me: It's about how despite economic uncertainty, most workers still plan to ask for a raise. Employers are feeling the pressure, and are increasing starting salaries, offering signing bonuses, and offering retention bonuses to attract top candidates and beat the competition.
Friend: That's interesting. It's great that employers are recognizing that workers need to be compensated fairly. But it could mean that businesses will have to make cuts in other areas in order to afford salary increases.
Me: Yeah, that's true. It could also mean that businesses are going to have to be more creative in the way they attract talent. Offering flexible working arrangements, or other perks, could be a way to stay competitive without increasing salaries.
- Research the current salary trends in your industry to determine if you are being underpaid.
- Prepare a list of your accomplishments and contributions to the company to use when asking for a raise.
- Consider offering flexible work arrangements to employees in lieu of a salary increase.
- A sustained increase in the general level of prices for goods and services.
- HR Leaders
- Human Resources Leaders are responsible for managing the human resources department of an organization.
- Talent Firm
- A talent firm is a company that specializes in recruiting, hiring, and managing talent for businesses.
- Signing Bonus
- A signing bonus is a one-time payment made to a new employee as an incentive to join the company.
- Retention Bonus
- A retention bonus is a financial incentive offered to an employee to encourage them to stay with the company.
- Salary Transparency
- Salary transparency is the practice of making employee salaries and compensation packages publicly available.
- Benchmark Salaries
- Benchmarking salaries is the practice of comparing salaries to the market rate for similar positions in order to ensure that employees are being paid fairly.
- Hybrid Work
- Hybrid work is a type of work arrangement that combines remote work with in-person work.