Chip Cutter

speaker

1,085 appearances 18 recordings 1 series first heard Aug 2019 last heard Sep 2024

Chip Cutter’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

No recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.

Appearances

newest first · ▶ plays the moment

WSJ Your Money Briefing · Many Workers Are Enjoying a Summer of Pay Increases · 13 Jul 2022 podcast

Thanks, JR. voice-verified

Thanks for having me. voice-verified

Well, this remains a really tight labor market, one where many companies say they have to respond in order to keep employees. voice-verified

They have to keep raising their pay to adjust for inflation, to adjust for the fact that many employees continue to have options if they would want to get a job elsewhere. voice-verified

And so you see companies across industries resorting to moves that they haven't typically done in the past, some offering special one-time bonuses. voice-verified

ExxonMobil, for example, gave a voice-verified

U.S. voice-verified

employees a one-time payment in June equivalent to 3% of their salaries. voice-verified

The company T. Rowe Price, for example, had seen its turnover tick up. voice-verified

And so the company responded by sending an email to 85% of its workforce this summer saying that everyone would be getting a 4% raise effective July 1st. voice-verified

This comes in addition to sort of the usual raises the company gives out following the end of its fiscal year. voice-verified

And so you see moves like that where companies are watching their data, they're noticing turnover tick up, and they're realizing they have to do something differently. voice-verified

Mid-year pay raises really are pretty rare if you look historically. voice-verified

It's not often the case where companies sort of dip in and do something special like this. voice-verified

There was a survey of about 300 large employers yesterday. voice-verified

conducted by the compensation advisory firm Pearl Meyer. voice-verified

And they found that about a third of employers are now considering or planning mid-year raises. voice-verified

And that's significant. voice-verified

And an analyst there said that basically there's a perfect storm right now of inflation plus a labor shortage. voice-verified

It's why you see companies doing some of these unusual one-off raises. voice-verified

Showing 641–660 of 1,085 · page 33 of 55