Wages and salaries have gone up in the last year, partly to enable organizations to compete for workers. However, inflation is on the rise too, and this is impacting how employers see wages growth and annual raises. According to a new SHRM survey:
- 76% of small organizations (those with fewer than 100 employees), 65% of medium-sized companies (100-499 workers), and 54% of large organization (500 or more employees) say they are considering inflation in annual pay raises.
- 27% of small employers, 29% of medium-sized companies, and 27% of larger organizations said cost-of-living changes are a standard part of annual pay adjustments.
- 87% of employers of all sizes say that the impact of inflation on their employees is a significant concern at their organizations. Other concerns include the effect of inflation on customers and consumers (70%) and on supplier and vendor costs (61%).
