A new WorldatWork pulse survey revealed more than half of respondents have increased their 2022 salary budgets in the past six months.
A total of 215 responses were received, representing organizations of different sizes and across multiple industries. Results were collected over a 19-day period, beginning on Dec. 15, 2021, and announced in January 2022.
The survey also revealed that salary budget increases were necessary to attract and retain talent. Thirty-six percent of respondents were in favor of a 3% to 4% increase, while 50% were in favor of a 4.1% to 6.9% increase to properly retain and attract the needed talent in their organization for 2022.
“Retention of top talent is a top priority, and addressing compression and internal equity with the higher attraction salaries adds to a challenging compensation landscape,” said Alicia Scott-Wears, compensation content director at WorldatWork.
“Retention of top talent is a top priority, and addressing compression and internal equity with the higher attraction salaries adds to a challenging compensation landscape.”
“With the flood of resignations and the inflation reports released, it is not surprising that compensation professionals and organizations as a whole are having to reassess the salary budget spend in addressing the issues that have plagued the last six months.”