Americans are in line for their biggest wage increase in more than a decade, according to a report released Wednesday, as companies struggle against a tight labor market and high inflation.
Businesses are expected to bump up pay an average 3.9% in 2022, according to the Conference Board report. That’s the fastest wage growth since 2008.
Higher pay for new hires was the most commonly cited reason for the uptick, according to the nonprofit business group, suggesting labor shortages and high turnover across industries could be giving employees more leverage. Inflation, which is higher than it has been in about 30 years, was the second most commonly cited factor.
The Conference Board’s survey asks human resources executives about their compensation plans for the coming year. Their plans can change, but the surveys nonetheless hint at where wages might be going.... Read More: Washington Post