Ray A. Smith
speaker
910 appearances
20 recordings
1 series
first heard Jun 2018
last heard Nov 2024
Ray A. Smith’s voice in public audio — every appearance, attributed to the second.
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Appearances
With recession fears and mass layoffs of white-collar jobs, there are a lot of factors that are going to why companies don't feel the pressure to dole out raises or bonuses as they have been doing.
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According to a survey of thousands of employees conducted in the fall by ADP, 62% said they were confident that they would get a pay raise from their current employers in the next 12 months, and 41% were confident they would receive a bonus.
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So that's a lot of workers expecting to get pay raises or bonuses.
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And 10% of those workers expect a salary increase of over 15% in the next 12 months.
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Companies are budgeting slightly smaller annual merit increases in total compensation packages for 2023 than they projected they would when they were surveyed in November.
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They planned annual merit increases of 3.8% and 4.1% on average.
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And now that's slightly below the 3.9% and 4.3% they projected in November.
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The labor market is cooling, so companies don't feel as much pressure to use raises and bonuses as a retention tool.
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And companies are tightening belts amid economic uncertainty.
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You know, with recession fears and mass layoffs of white-collar jobs, the cooling jobs market, even falling inflation and housing prices, there are a lot of factors that are going into why companies don't feel the pressure to dole out raises or bonuses as they have been doing over the past two to three years.
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There's long been tension between workers and employers, so this doesn't help.
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Pay is a major gripe for employees, and we've already had tensions over everything from work-life balance and return to office.
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So this definitely doesn't help, especially because, as we said, over the past two years, workers were accustomed to seeing these raises and bonuses, and now it's just another thing that's being taken away from them.
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They should lower their expectations, basically, because companies surveyed by Mercer said they were less likely to give out as many of those off-calendar raises and bonuses throughout the year.
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And so that's just something that employees will have to sort of adjust their expectations for.
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The fact that we're not going to see as many sporadic or merit increases or bonuses given out annually.
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when it's not scheduled to be given out, basically off calendar.
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They can make a strong case why they deserve a raise with a list of concrete accomplishments and how much they're an asset to the company.
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It's no guarantee, but it helps if they can also show proof
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of what others with the same or similar titles are making at their competitors, with statistics from sites like Glassdoor or even job postings in states with pay transparency laws.
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