The pandemic forced many businesses to cut back on pay raises, forego hiring all together, and conduct mass layoffs. Thankfully, there is light at the end of the tunnel and many businesses are ready to put their money where their mouths are.
We aren’t just seeing people looking for jobs because they were laid off, but also those that are looking for work that pays more and businesses are happy to provide what they couldn’t over the last year.
A large number of people are changing jobs and companies are being given the greenlight for higher salary budgets. For those that are still employed and not looking to change jobs at this time, there’s still good news for you.
You may be in line for a larger pay increase next year thanks to a structural shift in the labor markets.
“What this leads to is an opportunity that is ripe for employees to self-advocate and help their current employer understand their value,” said Bremen, who added he wouldn’t be surprised if average salaries were higher than 3% next year.