Compensation is one of today’s hottest HR topics, as pay transparency laws, inflation, and talent shortages impact employers nationwide. Lisa Shuster from iHire, explains how to offer competitive, equitable salaries while proactively preventing pay compression.
What recession? A recent iHire pollOpens a new window showed that 77.9% of U.S. employers gave pay raises between September 2022 and February 2023. Raises were given for various reasons – including merit, performance, and cost of living adjustments (COLA) – suggesting companies prioritize employee engagement, job satisfaction, and financial health despite economic concerns. Of the 22.1% of surveyed employers who had not given raises, 32.6% said they were preparing for an economic downturn and tightening their budgets.