Maine companies plan to make major pay raises for 2022, according to a Mainebiz poll conducted last week.
So if you’ve told yourself I really need a pay raise to stay here … you might be lucky!
Nearly 3 out of every five Maine companies surveyed said they plan to make “significant” pay rises this year. This trend is not only taking place here in Maine, according to the article, companies across the country have increased their budget forecasts to include a pay rise of almost 4%.
Experts point out that the motivation behind the pay chambers is twofold, the obvious one to retain quality employees, but in addition to counteract the sharp rises in inflation, which continue to rise, and many feel that inflation rises will be here for some time to come. .
The report also quotes Glenn Mills, deputy director of the Maine Department of Labor’s Center for Workforce Research, as saying:
“Labor market conditions are likely to remain tight in 2022 as the virus continues to disrupt supply chains, workplaces, schools and child and elderly care schemes. This is likely to keep conditions tight and continue to affect wages.”
According to the Conference Board, which has been examining the company’s compensation since 1985, it has repeated the increase in wage budgets for 2022 across the country, with a key finding that wage increases in percentage have not risen as high since 2008.
The Conference Council continues to assume that due to severe labor shortages, wage growth is likely to remain above 4% for the rest of this year, and wages for new hires as well as blue-collar workers and service jobs will grow faster than the average.
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