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Tuesday, December 7, 2021
2022 Salary Increases will be the Highest Since 2008
An analysis
by Gad Levanon, Vice President, Labor Markets
Click on the chart to enlarge
The Conference Board’s Salary
Increase Budget Survey indicates that the average annual raise for
current employees is accelerating. In 2022, salary increase budgets are
estimated to be 3.9% - the highest rate since 2008. Due to the high
wage growth and inflation seen since April 2021, our Salary Increase
Budget Survey was fielded again in November 2021.
The average 2021 salary increase budget jumped from 2.6 percent in the
April 2021 survey to 3.0 percent in the November 2021 survey and the
projections for 2022 salary increase budgets jumped almost a full
percentage point from 3.0 in April to 3.9 in November. In the November
survey almost half of respondents (46%) said that the increase in wages
for new hires played a factor in salary increase budget estimates for
2022, and 39% said that increased inflation played a factor. It is
likely that severe labor shortages will continue through 2022. Simultaneously,
there are no signs that inflation is slowing down, and it may remain
elevated in the coming months. This increases the need for
cost-of-living adjustments. In this environment, the upward momentum
for increasing salary budgets is likely to continue into early 2022.
For more information on the November 2021 Salary Increase Budget Survey
please visit our website.
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