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United States: Wage increase of more than three percent

pte20220121004 Company / Economy, Education / Profession

Employers raise forecast for 2022 – but Willis Towers Watson warns of shortage of skilled workers

Towers: Employees can expect more than three percent (Photo: F. Muhammad, pixabay.com)

Towers: Employees can expect more than three percent (Photo: F. Muhammad, pixabay.com)

London / New York (pte004 / 01/21/2022/06: 15) – Primarily driven by tight labor markets, US employers are raising original wage growth forecasts for 2022. This is the result of a study conducted by global insurance broker Willis Towers Watson (WTW). http://wtwco.com . According to a survey of 1,004 U.S. companies in October and November 2021, one-third (32 percent) of respondents raised their pay rise forecasts compared to earlier this year.

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Companies are projected to grow at an average rate of 3.4 percent in 2022, compared to the average of 3 percent budgeted in June 2021. Companies paid an average of 2.8 percent more pay and salaries to their employees in the last fiscal year. Seventy-four percent of those surveyed attributed the rise to labor shortages. 34 percent said financial results at the end of 2021 would have been better than expected. And brings inflation to 31 percent.

Wages and pay ranges range from 2.8 to 3.3 percent in wholesale and retail, 2.7 to 3.5 percent in finance and life and health insurance, 2.6 to 3 percent in the energy sector, and 2.6 to 3.4 percent in the manufacturing sector. But WTW’s Leslie Jennings warns, “Big pay rises alone are not enough to attract new employees and retain existing ones.” Additional activities such as starter bonuses, equity and cash lock-up, and incentives such as enhanced career opportunities, emphasis on mental health, diversity, equality and content and learning and retraining opportunities are needed.

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