New research shows that many U.S. workers feel overdue for a pay raise, and according to the just-released 2022 Salary Guide, companies will need to enhance their compensation strategy, or they risk losing top talent to competing offers.
Following are five key trends for employers to note:
- Employees feel underpaid. Nearly half of workers (49%) think they’re earning less than they deserve. Gen Z professionals (57%) and women (52%) are most likely to feel shortchanged.
- Workers may walk without a raise. Nearly 1 in 3 employees (31%) would consider quitting their job if they don’t get a pay bump by year’s end. Working parents (36%) and respondents ages 18 to 24 (48%) are most likely to make a career move if their salary doesn’t grow.
- Salaries are rising. Starting compensation for U.S. professional occupations is expected to increase 3.8% overall in 2022. Roles in strong demand, such as revenue cycle analyst and database administrator, may see even bigger gains. In addition, 48% of employers are offering signing bonuses to entice new hires.
- Compensation for remote staff varies. When recruiting for open roles, 6 in 10 managers will first look locally and then outside their city if it takes too long to find skilled candidates; 18% are searching anywhere from the start given the talent shortage. Companies hiring remote workers are setting their pay by:
- Employer’s office location: 62%
- Employee’s location: 38%
- Candidates are considering the full package. When weighing job offers, it’s not all about the money. Workers most covet:
- Flexible work schedules: 66%
- Remote work options: 56%
- Employee discounts: 37%
Get more insights and explore the 2022 Salary Guide today to get projected starting salaries and employment trends for 500-plus positions across the finance and accounting, technology, marketing and creative, administrative and customer support, legal, and healthcare, and human resources professions.