According to recent 2022 salary surveys (World at Work, etc) , organizations are planning on increasing salaries and wage by at least three percent. To keep your organization’s wages competitive and to ensure retention of your employees, thoughtful planning and budgeting is imperative for an organization’s success.
If your organization is not currently using a compensation professional, organization can reference available 2022 salary studies to assist with their upcoming planning and salary budgeting. Salary studies are based on future estimates of what organizations will do or believe they will do. Obtaining salary studies can be expensive to obtain. Using the overall total salary increase projection from salary studies may be sufficient for some organizations without having to purchase the studies. Your oganization can gauge other organization’s salaries and wages by referencing the quarterly Employment Cost Index. Unlike salary studies, the Employment Cost Index is free to obtain. The Employment Cost Index (ECI) is a quarterly report published by the Bureau of Labor Statistics that details the growth of total employee compensation. It tracks the cost of labor changes, as measured by wages and benefits, at all levels of a company. The data is broken down by industry group, occupation, and union vs. non-union workers. The data is compiled from surveys of non-farm businesses (about 4,500 sampled) and state and local governments (about 1,000 sampled). The Empoyment Cost Index is not a projection of future increases, however it provides a good quarterly view of wages. Take a look for yourself.
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