Inflation is affecting everyone , and workers aren’t shy about asking their employers to pay up per a new report.
Talent firm Robert Half said growing living costs, more job duties and signs of of underpayment have motivated nearly two-thirds of survey respondents to ask for a raise by early 2024. This information comes from a survey the firm conducted that asked more the thoughts and feelings of than 1,000 workers and 2,000 HR leaders. What’s more, a large number of respondents said they’d even leave their jobs if they don’t receive a pay bump.
“Companies seem to be feeling the pressure, with nearly half saying that meeting employee salary expectations is a top hiring challenge,” wrote HR Dive in an analysis of the report. “To beat the competition, 51% said they are increasing starting salaries, 40% are offering signing bonuses and 36% are offering retention bonuses.”
This move is unsurprising as more Americans are being adversely affected by rising inflation.
Inflated living costs recently reached a 40-year high in 2022, with the current US rate at 4.98%, compared to 6.04% last month and 8.54% last year, ESSENCE previously pointed out.
For example, as ESSENCE reported in March, listed rents across the country for available increased 15% from 2021, with the average rent price being above $2,000 a month across the county. Rent in cities like Austin, Seattle, and Cincinnati is up by 30%. The median asking price for rent in Los Angeles is $3,400.
“Competitive pay and flexible work are top of mind for professionals and will likely influence their career decisions in 2024,” said Dawn Fay, operational president of Robert Half in the report. “To attract and retain top talent — particularly in an uncertain economy — it’s critical for employers to benchmark salaries and compensation packages, consider options for hybrid work, and employ strategies to bolster employee engagement and morale.”