Inflation rates are continuing to rise at alarming rates. In this economic climate, are current salary increase budgets enough? What are organizations doing to make sure their compensation packages remain competitive? This survey sought to understand what changes were being made to salary increase budgets amid rising inflation. The results were captured from January 11 to February 4, 2022.
At the time of this survey, salary increase budget adjustments were fairly divided. Globally, close to one-quarter (27%) of companies reported that their salary increase budget was below market inflation and 24% reported their salary increase budget already aligned with inflation. Around 22% of companies had increased their salary increase budget to align with inflation, and 8% increased their salary increase budget to be above inflation. When companies were asked if they were planning to implement more frequent or off-cycle salary increases in 2022 due to inflation, half (51%) reported that no additional reviews or increases are planned. A further 24% of respondents were unsure and still considering off-cycle adjustments.
The way companies are addressing this situation differs by geography and industry. Check out these online reports to find out more.
Global and region results