According to a survey by Willis Towers Watson (“WTW”), U.S. employers will increase their salaries for 2022 based on their projections.
Nearly three-quarters of U.S. employers surveyed found that they had increased their salary projections by 3.4% starting in 2021. In reality, however, employers in the United States gave their employees an average 2.8% increase in their pay in 2021.
According to the survey, the main reasons for the increase in pay projections were inflation and the so-called Great Receipt labor shortage. “Inflation is a part of it, however, that’s not what’s driving it,” Lesli Jennings (WTW’s senior director for work and rewards) told
Employers in the United States are looking to attract and retain workers because there is a lack of jobs. 74% of the respondents stated that the “tight labor marketplace” was the reason they increased their budgets. However, does this actually raise the standard for American workers’ lives?
Current U.S. inflation rate: 7.04%. Current U.S. joblessness rate: 3.9%. As household expenses increase faster than the wages of any worker, inflation consumes any wage rise.
Don’t worry, President Bumble (I mean Biden) is on the case. Cameron Arcand from PJ Media wrote that Biden boasted record job creation and record job growth during his presidency. But, Biden left out one detail in his claim. Many people were made unemployed by the pandemic that was used to shut down America’s economy. Most of these people are back at work now that the pandemic has ended. This is bad news both for the U.S. workforce and the economy.