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Cost-of-living and salary budget adjustments a top concern for compensation planning in 2022

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As we near the end of the year, companies are starting to plan their compensation strategy for 2022. A topic that is top of mind is the higher rate of inflation we are experiencing and how cost-of-living salary adjustments will be affected in the coming year. Research shows raises will be higher in 2022, but still will not cover the cost of inflation. This can be a contributing factor for employees to seek other opportunities with higher pay, putting more pressure on companies to take a holistic view at their total rewards strategy in their struggle to attract and retain top talent. In the article below from SHRM we see an updated look at the numbers and an indication that a mix of raises, bonuses, and other short-term incentives will help retain top performers.

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