Salaries aren’t keeping pace with inflation, workers say

Dive Info:

• Four out of 5 workers say their salaries aren’t keeping pace with inflation, according to a Nov. 25 report from Remote.co.
• Roughly half of those responding to a recent survey from the firm said stagnant pay has them looking for new opportunities, although their confidence in the job hunt is relatively low.
• Others said they were following a stricter budget or freelancing.

Dive Insight:

This summer, employers in the U.S. told WTW they were planning an average 4.1% increase in employee salaries overall for 2023 — the highest jump since 2008, according to the firm. Most said the tight labor market was the primary driver of that decision, but nearly half also cited employee expectations due to inflation.

A more recent survey from Salary.com confirmed that plans remain in place for many employers, meaning 2023 could be a “banner year” for employees seeking increases, an executive at the firm said in a September statement.

Employee plans to freelance or work an additional part-time job is something other researchers have noted as well. About 1 in 8 U.S. adults told Indeed they were looking for seasonal work this year; 14% said they would begin their search soon and 28% said they were considering it.

The original article can be found at: HR Dive