{"id":533979,"date":"2023-01-02T20:41:11","date_gmt":"2023-01-02T17:41:11","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/companies-offer-big-raises-to-keep-workers-adding-to-inflation\/"},"modified":"2023-01-02T20:41:11","modified_gmt":"2023-01-02T17:41:11","slug":"companies-offer-big-raises-to-keep-workers-adding-to-inflation","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/companies-offer-big-raises-to-keep-workers-adding-to-inflation\/","title":{"rendered":"#Companies offer big raises to keep workers, adding to inflation"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a27804e71d51\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a27804e71d51\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/companies-offer-big-raises-to-keep-workers-adding-to-inflation\/#%E2%80%9CCompanies_offer_big_raises_to_keep_workers_adding_to_inflation%E2%80%9D\" >&#8220;Companies offer big raises to keep workers, adding to inflation&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CCompanies_offer_big_raises_to_keep_workers_adding_to_inflation%E2%80%9D\"><\/span>&#8220;Companies offer big raises to keep workers, adding to inflation&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>Workers who are staying in their jobs are getting their biggest pay raises in decades, putting pressure on inflation, according to a report from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/stay-for-pay-companies-offer-big-raises-to-retain-workers-11672607138?mod=hp_lead_pos1\">the Wall Street Journal<\/a>. <\/p>\n<p>According to the Federal Reserve Bank of Atlanta, wages for employees who stayed at their jobs were up 5.5% in November from a year earlier. <\/p>\n<p>That was up from 3.7% annual growth in January 2022, marking the highest increase in 25 years of recordkeeping, the report said. <\/p>\n<p>According to the Journal, workers who changed companies, job duties or occupations saw even greater wage gains of 7.7% in November from the prior year. <\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/restaurant-workers-inflation.jpg?w=1024\" alt=\"Cooks prepare sandwiches on a counter at Bub and Pop's\" class=\"wp-image-25209539\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/restaurant-workers-inflation.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/restaurant-workers-inflation.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/restaurant-workers-inflation.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Workers are finding that employers are offering pay incentives to stay at their jobs. <\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>\u201cIf I can see that the Burger King down the street is offering $22 an hour, and I\u2019m making $20 an hour at the Dunkin\u2019 Donuts that I work at, then I know very clearly what my opportunity cost is,\u201d \u00a0Layla O\u2019Kane, senior economist at Lightcast, told the Journal. \u201cEmployers are reacting to that and saying, \u2018Well, we\u2019re going to increase wages internally because we don\u2019t want to lose the staff that we\u2019ve already trained.\u2019\u201d<\/p>\n<p>The prospect that employees might leave for more money is a main reason companies are raising wages for existing employees, but faster wage growth is contributing to historically high inflation as some companies pass along price increases to offset their hefty labor costs.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/grocery-inflation-prices-produce.jpg?w=1024\" alt=\"woman shopping for produce in a grocery store.\" class=\"wp-image-25209561\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/grocery-inflation-prices-produce.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/grocery-inflation-prices-produce.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/grocery-inflation-prices-produce.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Pay raises for employees are putting pressure on inflation, which still remains high.   <\/figcaption><figcaption><span class=\"credit\">AP<\/span><\/figcaption><\/figure>\n<p>Although inflation has cooled slightly in recent months, prices spiked at their fastest pace in four decades last year. Federal Reserve officials have said they\u2019re monitoring wage gains as they mull future interest rate increases to slow the economy and bring down inflation.\u00a0Prices rose 5.5% in November from a year earlier,\u00a0down from a revised 6.1% increase in October.<\/p>\n<p>Even though many workers are raking in more money, they aren\u2019t feeling pay gains. According to the Labor Department, wages for all private-sector workers declined by 1.9% over the 12 months that ended in November, after accounting for annual inflation of 7.1%.<\/p>\n<p>There are also signs that wage gains are starting to cool as the labor market loosens a bit. Average hourly earnings increased 5.1% in November from a year earlier, slowing from a March peak of 5.6%. Analysts told the Journal that wage growth could continue to slow in coming months. <\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/gas-station-inflation-prices.jpg?w=1024\" alt=\"man at a gas pump\" class=\"wp-image-25209600\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/gas-station-inflation-prices.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/gas-station-inflation-prices.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/gas-station-inflation-prices.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Consumer prices rose 7.1% in November, cooling in recent months. Even so, high prices are still hitting consumers\u2019 wallets.<\/figcaption><figcaption><span class=\"credit\">Matthew McDermott<\/span><\/figcaption><\/figure>\n<p>In industries with high demand for workers, \u201ccompanies are prepared for wage growth to match inflation,\u201d said\u00a0Paul McDonald, senior executive director at Robert Half, a professional staffing company. \u201cAs inflation comes down, it will be more in line with what wage growth has been.\u201d<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>The consumer price index, a measurement of what consumers pay for goods and services, rose 7.1% in November \u2014 its slowest pace in 2022 \u2014 down from 7.7% in October. <\/p>\n<p>In competitive sectors, wage pressures will likely continue, however. According to a Robert Half survey released in September, more than half of professionals feel underpaid, and four in 10 workers would leave their jobs for a 10% raise elsewhere.<\/p>\n<p>Broadly speaking, pay is increasing for job changers and job stayers because companies can\u2019t find enough help. The Labor Department said job openings \u2014 at 10.3 million in October \u2014 far exceeded the 6.1 million unemployed Americans looking for work that month.<\/p>\n<p>As a result, companies are budgeting more merit-pay increases in 2023 than they have in 15 years in order to incentivize employees, according to a Mercer survey of more than 1,000 companies.\u00a0<\/p>\n<p>Daniel Powers, a recent college graduate, earned a 10% year-end raise at a management consulting firm in Chicago, after starting out with a six-figure salary when he was hired in September, according to the Journal.<\/p>\n<p>\u201cThey understand the realities of the market \u2014 there\u2019s no false illusion of \u2018We\u2019re family here,\u2019\u201d Powers said of his company\u2019s management.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2023\/01\/02\/companies-offer-big-raises-to-keep-workers-adding-to-inflation\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Companies offer big raises to keep workers, adding to inflation&#8221; Workers who are staying in their jobs are getting their biggest pay raises in decades, putting pressure on inflation, according to a report from the Wall Street Journal. According to the Federal Reserve Bank of Atlanta, wages for employees who stayed at their jobs were&#8230;<\/p>\n","protected":false},"author":1,"featured_media":533980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/restaurant-workers-inflation-prices-gas-comp.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[137901,75466,70551,74132,120807,75237],"class_list":["post-533979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-1-2-23","tag-employment","tag-inflation","tag-prices","tag-raises","tag-wages"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/533979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=533979"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/533979\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/533980"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=533979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=533979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=533979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}